Finance

Iran sanctions: United States can't stop our oil exports, says minister

Iran sanctions: United States can't stop our oil exports, says minister

North Korea has been pursuing its weapons programmes in defiance of UN Security Council resolutions and sanctions.

Iran's president Hassan Rouhani has threatened to shut down the strait in response to sanctions re-imposed on the Iranian regime this week by Trump, who in May withdrew from a 2015 agreement easing sanctions on Iran in exchange for restrictions on its nuclear programs.

Iran rejected United States calls for talks earlier this week after Trump reimposed sanctions against the Islamic Republic following his withdrawal from a 2015 deal brokered by former President Barack Obama and several world powers to curb Iran's nuclear program.

Iran's foreign minister has said the United States will not be able to prevent the country from exporting oil.

Reuters reported that Rouhani met with North Korea's top diplomat, Ri Yong Ho in Iran, where he attempted to cast doubt on the United States's reliability in negotiations.

"Today, America is identified as an unreliable and untrustworthy country in the world which does not adhere to any of its obligations", Rouhani said.

The first period started Tuesday and marked the reinstatement of sanctions on the purchase of USA bank notes by the Iranian government, Iran's gold trade and other financial and industrial transactions. Even stronger sanctions targeting Iran's oil sector and central bank are to be re-imposed in early November.

"Businesses are fleeing the Iranian market", Hagee asserted. The measure "allows EU operators to recover damages arising from USA extraterritorial sanctions from the persons causing them and nullifies the effect in the EU of any foreign court rulings based on them", the European Commission said in a press release Monday.

"As North Korea doesn't hold many cards in negotiations with the USA, it appears to be diversifying its diplomatic partners and strengthening its alliance with them to increase its leverage", he said.

As the first ninety-day wind-down period for ceasing trading with Iran comes to an end, Washington is ratcheting up the pressure on the main importers of Iranian crude oil.

"We would like to see a change in policy, but there is no way of knowing how long that will take", the official said, adding that "the only hammer available right now is economic, and using that, there is a good chance Iran will fall to its knees".

The chief executive of reinsurance group Munich Re said it may abandon its Iran business under pressure from the United States, but described the operation as very small.

"For whatever reason they're doing that, I hope that continues", Votel said.

Al Jazeera's Zein Basravi reports from Tehran.

Iranian Supreme Leader Ayatollah Ali Khamenei, the highest authority in Iran, said the country had nothing to be concerned about, his official website said.

"If the Americans want to keep this simplistic and impossible idea in their minds they should also know its consequences", Zarif was quoted Wednesday as telling the Iran newspaper. Iranian vessels reportedly harassed the carrier as it made the transit, but did not delay the ship's passage.

Rouhani hinted last month that Iran could block the Strait of Hormuz, a major oil shipping route, if the USA attempted to stop the Islamic Republic's oil exports.

In several videos posted to social media over the past week, crowds of dissidents are heard chanting, "Death to the dictator" as the United States prepared to reinstate sanctions on the country following President Donald Trump's exit from the global nuclear deal in May.


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