United States imposes second round of sanctions on Iran

Iranians shop in Tehran

Iranians shop in Tehran

China denounced new U.S. sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic.

US President Donald Trump's administration reinstated all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it, reports the BBC.

China says it regrets the USA decision to re-impose sanctions on Iran but will continue to uphold the nuclear deal Beijing agreed to as a permanent member of the United Nations Security Council.

"The Iran sanctions are very strong".

In 2012, South Korea received a waiver on United States sanctions by importing limited amounts of Iranian oil during the previous round of sanctions that were lifted in early 2016.

Mr Rouhani said four countries had approached him during his visit to NY for the UN General Assembly in September, offering to mediate with the U.S., but he turned them down.

The Trump administration is maintaining a delicate balancing act with waivers to ensure calm in the oil market on supply as well as price front, while ensuring that Tehran doesn't collect revenue enough to make USA sanctions irrelevant. "They will definitely have a gradual escalating impact on economic conditions and, subsequently, on the relations between Iran and the US". The reinstated sanctions follow the Trump administration's decision in May to pull out of the worldwide nuclear deal.

A Downing Street spokesman said: "We regret the reimposition of sanctions by the US.

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But an alternative sourcing strategy needs to be worked out soon as the United States relaxation would be temporary and Washington would expect India to keep cutting imports from Iran to reach zero level", said an energy sector expert.

They have promised to support European firms that do "legitimate business" with Iran and have set up an alternative payment mechanism - or Special Purpose Vehicle (SPV) - that will help companies trade without facing United States penalties.

File photo of U.S. president Donald Trump.

Hassan Rouhani made the announcement in a meeting with economists that was broadcast on state TV.

During the previous round of sanctions, they were expected to cut imports by about 20 per cent during each 180-day review period to get another exemption.

As part of the new sanctions, the US Treasury Department will add more than 700 names to its list of blocked entities as of November 5, with the US working closely with countries to cut off Iranian oil exports as much as possible.

"No one's going to argue that Secretary Pompeo is not tough on Iran", Pompeo said on Fox, pushing back against those who want further sanctions on Iranian banking by saying that "the Iranian banks that engage in sanction able behavior will be sanctioned by the Department of Treasury".

The administration's strategy is to punish Iran so severely that it's compelled to negotiate a permanent end to its nuclear ambitions, as well as what the USA calls its "malign behavior" in the Middle East. The U.S. says the sanctions are not aimed at toppling the government, but at persuading it to radically change its policies, including its support for regional militant groups and its development of long-range ballistic missiles.

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