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Iran says it is selling the oil it needs to, despite U.S. pressure

Reuters  |  GENEVA/LONDON 

GENEVA/(Reuters) - said on Tuesday it had so far been able to sell as much as it needs despite U.S. pressure, but it urged European countries opposed to U.S. sanctions to do more to shield Iran, as and also voiced their objections.

The on Monday restored sanctions targeting Iran's oil, and transport sectors and threatened more action to stop what called its "outlaw" policies - steps that called economic warfare and vowed to defy.

The measures are part of a wider effort by U.S. to curb Tehran's missile and nuclear programmes and diminish the Islamic Republic's influence in the Middle East, notably its support for proxies in Syria, and

Trump is targeting Iran's main source of revenue - its exports - as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off-limits to foreign banks, on pain of losing access to the U.S. financial system.

"The Americans constantly said they would reduce the sale of Iran's to zero but I have to say that, so far, we have been able to sell our required amounts of oil," agency quoted Iranian Vice as saying.

"The Americans, with the help of propaganda, don't see the realities."


Industry estimates suggest Iran's have in fact fallen by 40-60 percent since Trump said in May that he would reimpose sanctions, but 180-day exemptions for Iran's biggest could mean they rise again after November.

said on Tuesday that Turkey, one of those countries, would not abide by the sanctions, which he said were "aimed at unbalancing the world".

Jahangiri said he had spoken to a handful of managers from companies on the U.S. sanctions list, and that some had already formulated plans on how to deal with the measures.

However, Iran's to OPEC's calling for two committees that monitor an output deal with countries to be scrapped, accusing them of siding with the

The of Iran's central bank, Abdolnasser Hemmati, said Iranian banks should use their previous experience dealing with sanctions to support the foreign trade process and financial transfers", according to the state agency,

The European Union, France, Germany, Britain and Russia, participants with the in the 2015 deal that lifted sanctions on in exchange for curbs on its nuclear programme, have all objected to the reimposition of sanctions.


Russian said in that had used "unacceptable methods" to force the SWIFT global to cut off Iranian banks, and that there would be still ways to cooperate economically with

The EU is seeking to launch a "special purpose vehicle" (SPV) to sidestep the U.S. financial system by using an EU intermediary to handle trade with Iran.

Major European firms including France's Total, Germany's and Siemens, Denmark's shipping group and France's have already halted or wound down their activities in Iran to avoid U.S. sanctions.

Iranian Deputy said in a speech at the Chatham House think tank in that the SPV was "an interesting procedure, but what is lacking is speed and efficiency".

He said European small and medium-sized businesses were still active in Iran "without making any noise", and that European governments were trying to help them to keep operating.

tweeted that Trump would eventually come to respect Iran:

"President Trump's predecessors also began crafting their Iran policy with similar bravado; but came around to accepting and respecting the reality of Iran as they became more experienced in office."


History of Iranian oil

Iranian crude exports since 1980

Iranian since 2016

Imports of countries with waivers

(Reporting by Babak Dehghanpisheh, Bozorgmehr Sharafedin and Polina Devitt; Editing by and Kevin Liffey)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 21:04 IST