Published: Thu, June 28, 2018
Money | By Wilma Wheeler

Cut oil imports from Iran to zero, or else, warns State Department

Cut oil imports from Iran to zero, or else, warns State Department

Official reports and comments also were slim in Iran's state-controlled media, though Prosecutor Abbas Jafari Dolatabadi said the "main provocateurs" of Monday's protests were arrested. We will take pressure. However, this spending has come at the expense of the domestic needs of the Iranian people, who have struggled for years under tough global sanctions against the regime.

On Monday, police patrolled the bazaar following clashes with protesters angered by the rial's collapse, which is disrupting business by driving up the cost of imports.

The United States is pushing foreign countries to cut their oil imports from Iran to zero by November, a senior State Department official said Tuesday, as the Trump administration escalates its bid to pressure Iran after pulling out of the nuclear deal.

Iran's currency, the rial, has plummetted in recent days against the United States dollar prompting thousands of Iranians to protest in front of Parliament and on the streets of Tehran.

At the end of a year ago, similar economic protests roiled Iran and spread to some 75 cities and towns, becoming the largest demonstrations in the country since its 2009 disputed presidential election. Yet, this time, videos, circulating on social media were showing that the protesters were saying "Death to Palestine".

Iran has also suggested it could increase its uranium production in response to the U.S. pullout, which others fear could worsen the situation the nuclear deal sought to avoid. It said Iran was untethered in its backing of Hezbollah and other anti-Israel groups in Lebanon and Syria, as well as proxies that continue to further destabilize conflicts in Iraq, Syria and Yemen.

At least some of the Iranian people are fed up with that meddling and, despite harsh censorship and restrictions on their ability to communicate with the outside world and join the online grid, are becoming aware of gross violations their government is responsible for at the expense of its own people.

Rouhani said that his administration was standing in the front line of an economic war being waged by the US. The demonstrators believe that Iran's expansionist policies cause both economic difficulties and diplomatic disagreements, resulting in the sanctions.

The International Monetary Fund estimated in March that the government held $112 billion of foreign assets and reserves, and that Iran was running a current account surplus. These figures suggested Iran might withstand the sanctions without an external payments crisis.

Iran also has suggested it could immediately ramp up its production of uranium in response to the USA pullout, potentially escalating the very situation the nuclear deal sought to avoid - having an Iran with a stockpile of highly enriched uranium that it could use to build atomic bombs.

Indian and USA officials are now meeting for talks in New Delhi to try to resolve a growing trade dispute triggered by the Trump administration's decision to hit Indian steel and aluminum exports with new tariffs.India has promised to retaliate with tariffs on 29 U.S. products, starting August 4.

"Where is all your money going?" Tehran real estate prices have climbed and Iran's stock market has jumped 17 percent since the end of May to a record high.

Oil prices rose following the announcement.

Like this: