U.S. imposes second tranche of sanctions on Iran after nuclear deal withdrawal

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However, it allowed China, India, Italy, Greece, Japan, South Korea, Turkey and Taiwan, China to continue to import crude from Iran for now, US Secretary of State Mike Pompeo said yesterday.

The Trump administration reimposed numerous sanctions that the Obama administration relieved under the 2015 Iran nuclear deal, and said the sanctions would continue until Iran ended its backing for terrorism, its missile program and its adventurism in the Middle East.

The Secretary of State said that the President Donald Trump Administration has targeted as many as 168 Iranian entities through 19 rounds of sanctions since it came into office in 2016, adding that "today's sanctions will accelerate the rapid decline of worldwide economic activity in Iran since the implementation of our strategy in May".

In accordance with its agreement with the USA, the government did not reveal how frequently the waivers will need to be renewed or by how much buyers would need to cut back on oil imports from Iran to avoid penalties.

He also noted that the United States has only been isolating itself more and more from the rest of the world by imposing sanctions on Iran.

"Petrochemicals are key to our economy, and we stressed that if we're hit by the Iran sanctions, it would pose grave challenges to our whole economy", the official said, requesting anonymity due to the sensitivity of the issue.

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Trump's moves target Iran's main source of revenue, its oil exports, as well as its financial sector.

Earlier Monday, Israeli Defence Minister Avigdor Lieberman called the new sanctions a "critical" blow to Iran's actions in the region.

"This is an economic war against Iran but".

China's waiver, like the others, is not a pass to purchase Iranian crude oil indefinitely.

Senior Iranian officials have dismissed concerns about the impact to its economy.

In addition, Pompeo said the United States has granted waivers to continue three nonproliferation projects that provide oversight on Iran's nuclear programme.

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The sanctions bring to an end all the economic benefits the U.S. granted Tehran for its 2015 nuclear deal with world powers, though Iran for now continues to abide by the accord under which it limited its enrichment of uranium.

He also announced the resumption of all sanctions against Iran. "We have a plan to counter the new sanctions", he stressed.

On Monday, the administration said it restored previously lifted sanctions on Iranian banking, shipping and energy.

Lord Lamont said a major concern was whether humanitarian supplies could reach the Iranian people, despite the United States saying these would be allowed.

The European Union is searching for ways to circumvent the Trump administration's renewed sanctions on Iran, which could have long-term consequences on USA policy. The visiting envoy also called for concreted action by the worldwide community to stand against USA unilateralism, and denounced the use of economic and trade options for imposing a country's political will on others.

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