Pompeo: US Hopes to Work With China on Iran Sanctions Issues

Pompeo: US Hopes to Work With China on Iran Sanctions Issues

Hours before the fresh sanctions were reimposed, thousands of people in Iran marked the anniversary of the 1979 hostage-taking at the USA embassy by carrying placards mocking Trump and burning American flags and fake dollars. The bans had been lifted under the 2015 nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

US Secretary of State Mike Pompeo said on Friday his country hopes to work with China on sanctions imposed on Iran.

Colasante said that the Trump administration fears that Russian Federation could help Tehran evade United States sanctions by buying up Iranian oil and reselling it as its own.

Washington has been pushing governments to cut imports of Iranian oil to zero.

Wall St. rout drags down oil prices
WTI dropped 0.54 dollar to settle at 61.67 dollars a barrel, and Brent was down 0.06 dollar to close at 72.07 dollars a barrel. Analysts believed the exemptions relieved concerns over volatility in global market caused by USA sanctions against Iran .

Elsewhere in his interview with reporters, Salih said, "We do not want Iraq to be burdened with the USA sanctions on Iran", urging Washington to take into account Baghdad's position as the two sides negotiated Iraq's relief from USA sanctions on Iran. However, it has finally agreed to grant waivers to eight biggest importers of Iran's oil - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - in fear of a price spike. These sanctions will be imposed from forthcoming week and will cover Iran's finance, shipping and energy sectors.

In 2012, the Iranian government ceased, in response to sanctions by Western countries, the sale of oil to the USA and the United Kingdom, and from the beginning of 2013 to the EU.

US National Security Adviser John Bolton said Friday that the two rounds of unilateral sanctions introduced by President Donald Trump in August and most recently on Monday had had a "quite significant" effect on the Iranian economy and the country's actions overseas. "The reinstated sanctions will further erode Iran's economic stature despite its claims of resilience".

From August 7, 2018, the updated Blocking Statute entered into force in the EU, the provisions of which are aimed at protecting European companies from the influence of US extraterritorial sanctions.

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