Turkey exempt from U.S. sanctions on Iranian oil

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Three Iraqi officials said on Friday that the United States has informed Baghdad it will be allowed to keep importing crucial gas, energy supplies and food items from Iran after Washington reimposes sanctions on Tehran's oil sector, according to Reuters.

The US sanctions on Iran's petroleum sector are scheduled to go into effect Monday. "It can't handle oil in any serious volume", said Henry Rome, a specialist on Iran sanctions for the Washington-based Eurasia Group consultancy.

Trump's statement comes as new U.S. sanctions on Iran are about to take effect on November 5.

On the issue of renewed sanctions on Iran that kick in on Monday, Pompeo said that European countries are already fleeing the country.

"Even if the United States grants exemptions, Washington will demand that the volume imported from Iran be significantly reduced", said UBS analyst Giovanni Staunovo, who expects prices to rise.

US President Donald Trump withdrew from its 2015 nuclear deal with Iran in May, describing it as "defective at its core".

Sputnik: President Trump, of course, has been indicating these sanctions will stay in place until a new accord with Iran is signed replacing the Joint Comprehensive Plan of Action, but how hard and how lengthy would it be to convince the sides that are part of the agreement to reconsider, what could be the difficulties?

Iran's First Vice President Es'haq Jahangiri was quoted by media as saying that the government of President Hassan Rouhani had already devised mechanisms to counter the impacts of returning United States sanctions against the country's oil exports.

Mr Trump said the U.S. had made progress with China over their trade dispute and he predicted that the two countries would reach "a very fair deal for everybody".

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On these, as on other topics, our work continues, including with Russian Federation and China as participants to the JCPOA and with third countries interested in supporting the JCPOA.

Trump was, of course, referring to reimposing sanctions against Iran that had been lifted as part of an Obama-era nuclear agreement.

The threat of sanctions has seen the Iranian rial plummet and business owners have said they are afraid of what they will do to the country's economy.

USA secretary of state Michael Pompeo on Friday said around eight countries would get temporary waiver from the U.S. to buy Iranian oil after it reimposed sanctions on the Persian Gulf nation.

"During 2012-2015, when the global community was relatively united in pressuring Iran, Iran's economy shrank by 9 percent per year, crude oil exports fell from about 2.5 million barrels per day to about 1.1 mbd, and Iran was unable to repatriate more than $120 billion in reserves held in banks overseas". These sanctions hit at core areas of Iran's economy.

"Maximum pressure means maximum pressure", Pompeo said.

The US granted waivers to eight countries but only on condition they make substantial cuts to their purchases.

Iran can then use the payment as credit to buy goods from other countries in the European Union through the SPV.

At a gathering on Saturday, Iran's supreme leader, Ayatollah Ali Khamenei, portrayed the sanctions as part of a long tradition of American hostility toward the Islamic Republic, which he said had nevertheless prevailed.