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U.S. ratchets up pressure on Iran with resumption of sanctions

Reuters  |  WASHINGTON 

(Reuters) - The reimposes and financial on Monday, significantly turning up the pressure on in order to curb its missile and nuclear programs and counter its growing military and political influence in the

The move will restore U.S. sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of Barack Obama, and add 300 new designations in Iran's oil, shipping, insurance and sectors.

announced in May that from what he called the "worst ever" agreement negotiated by the Other parties to the deal, including Britain, France, Germany, and Russia, have said they will not leave.

Details of the sanctions will be released at a conference scheduled for 8:30 a.m. EST (1330 GMT) with and

China, India, South Korea, and - all top importers of Iranian - are among eight countries expected to be given temporary exemptions from the sanctions to ensure prices are not destabilised.

The countries will deposit Iran's revenue in an escrow account, U.S. officials have said.

has said it will ensure a well supplied global oil market, with help from ally Saudi Arabia, as oil is cut back. Front-month Brent crude futures, the international benchmark for oil prices, were at $72.53 per barrel on Monday.

The reimposition of the sanctions comes as the is focused on U.S. congressional and gubernatorial elections on Tuesday. Campaigning in Chattanooga, Tennessee, late on Sunday, Trump said his "maximum pressure" policy against was working.

"Iran is a much different country than it was when I took office," said Trump, adding: "They wanted to take over the whole Right now they just want to survive."

Earlier, thousands of Iranians chanted "Death to America" at a rally to mark the anniversary of the seizure of the during the 1979 Islamic Revolution.

The said on Thursday that Iran should implement policies to safeguard its macroeconomic stability in the face of sanctions.

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

"will not be able to carry out any measure against our great and brave nation ... We have the knowledge and the capability to manage the country's economic affairs," told state TV on Friday.

(Reporting by Lesley Wroughton; Additional reporting by in Chattanooga, Tennessee; Editing by Sonya Hepinstall)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 10:38 IST
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