India Gets US Waiver From Iran Sanctions Along With 8 Others

An Iranian and a European flag

Pompeo said the countries agreed that the payments for the oil will go into offshore accounts that Iran will only be able to tap for "humanitarian trade, or bilateral trade in non-sanctioned goods and services".

That process will culminate on Monday when Washington reinstates sanctions targeting Iran's oil, shipping, shipbuilding and banking industries. He didn't identify the remaining four countries.

While the United States had previously wanted countries including India to completely halt oil purchases from Iran by November 4 when its full sanctions against Tehran come into force, it seems to have relented considering the havoc the move, to completely take out Iranian supplies from the market, would have had on prices.

U.S. West Texas Intermediate (WTI) crude futures were up 7 cents, or 0.1 per cent, at $63.76 a barrel.

The US has told India and other countries to cut oil imports from the Gulf nation to "zero" by November 4 or face sanctions. Of the eight countries receiving the waivers, six will import at "greatly reduced levels", he said. Iran was Ankara's biggest source of the fuel past year, accounting for more than a quarter of Turkey's daily average imports of around 830,000 barrels, according to data from the market regulator.

Pompeo said, the USA is to issue temporary exemption to eight "jurisdictions" from Iranian sanctions recognising their significant reduction in imports of oil from Iran.

The Iranian rial has hit record lows against the USA dollar in recent months under the threat of revived US sanctions, with heavy demand for dollars among ordinary Iranians trying to protect their savings.

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The Trump administration on Friday announced the restoration of the final round of sanctions on Iran that were lifted under the controversial 2015 Iran nuclear deal - though there will be some exemptions for eight countries.

Despite Mr. Trump fulfilling a campaign promise by re-imposing the sanctions, some Obama-era officials including former Secretary of State John Kerry have been caught working behind the scene to help the European Union continue their trade.

They're the second batch of penalties reimposed since President Donald Trump withdrew from the deal in May. But we are prepared to work with countries that are reducing their imports on a case-by-case basis.

Qassemi said the United States carried out numerous measures and spent huge sums to exert pressure on global banks, companies, commercial enterprises and institutions in order to dissuade them from working with Iran but all such efforts failed to bear fruit.

Indian and the USA officials have been negotiating for months on terms of waiver from sanctions.

"It seems that the USA has no more capability to put countries and global economic enterprises under pressure", the Iranian spokesperson added. "There is much more that it's going to need to do", he said.

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