New Sanctions On Iran Take Effect (And These 8 Nations Get A Free Pass To Buy Iran’s Oil)

New US sanctions on Iran take affect today, but some nations are given waivers to continue importing Iranian oil. Here are the details…

from Zero Hedge

Update (8:40 am ET): The following countries will receive ‘temporary’ waivers excusing them from US sanctions on Iranian oil exports.

  • South Korea
  • Taiwan
  • Turkey
  • Greece
  • Japan
  • China
  • India
  • Italy

While several European countries that applied for a waiver didn’t receive one (reports last week noted that the US had refused to grant a waiver to the European Union as a whole), Italy and Greece did receive waivers. Pompeo noted that “European businesses have already made their decision and they’re deciding not to do business with Iran.”

Here’s more on the sanctions from BBG:

  • U.S. is sanctioning more than 700 “individuals, entities, aircraft, and vessels” in Iran as the Trump administration fulfills its pledge to ramp up pressure on the Islamic Republic over its “malign” behavior in the Middle East.”
  • Action is a critical part of the re-imposition of the remaining U.S. nuclear-related sanctions that were lifted or waived” as part of the 2015 nuclear accord, Treasury Dept says in emailed statement.
  • Sanctions include designation of 50 Iranian banks; identification of more than 400 targets, including over 200 persons and vessels in Iran’s shipping and energy sectors, and an Iranian airline and more than 65 of its aircraft.
  • US also places almost 250 persons and associated blocked property on SDN list

To help put this into context, here’s a breakdown of Iranian crude shipments.

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In what some have characterized as a capitulation by the Trump Administration, Secretary of State Mike Pompeo is expected to announce the 8 countries that have received ‘waivers’ from US sanctions on Iranian oil exports during a Monday morning press conference. Treasury Secretary Steve Mnuchin is also expected to speak.

Pompeo and Mnuchin are expected to begin speaking at 8:30 am ET. Watch their remarks live below: