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Donald Trump warns countries against doing business with Iran

07 August, 2018, 16:20 | Author: Ted Wilson
  • People walk at the old main bazaar in Tehran Iran last month. The strained Iranian economy is bracing for the impact of new U.S. sanctions that went into effect Tuesday

"As we go more towards (the fourth quarter) ... that's when we really see the risk of prices going well into the 80s and potentially even into the 90s but very critical is how much Iranian production we lose", Amrita Sen, chief oil analyst at Energy Aspects, told CNBC Monday.

Those sanctions will have a greater effect now than when they were imposed before the nuclear deal, he said, because "unlike a decade ago, banks and businesses have significantly grown their compliance sectors and are more tired of American secondary sanctions and the risks of doing businesses with Iran". "I can't afford to buy food, pay the rent." said a construction worker on the streets of the capital.

The European Union opposes the new sanctions, and argues that the nuclear deal, from which the United States withdrew under the Trump administration, was and is vital to their security.

Iran is accusing the US of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest.

The EU said it is simultaneously implementing a "blocking statute" as the new sanctions take effect, stopping European companies from complying with the USA sanctions unless they have permission to do so.

The Europeans didn't like any of it.

A senior administration official, briefing reporters under ground rules requiring anonymity, said the United States is "not particularly concerned" by EU efforts to protect European firms from the sanctions.

Iran's president said the measures were "psychological warfare" which aimed to "sow division among Iranians". Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic. The currency's collapse and soaring inflation have sparked sporadic demonstrations in Iran against profiteering and corruption, with many protesters chanting anti-government slogans.

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Daimler (DDAIF) said in a statement that Iran's automotive markets have been significantly weaker than expected, and it had not yet resumed production or sale of Mercedes cars or trucks in the country.

"US hypocrisy knows no bounds", he said.

He added that "as far as I can see" Iran would not surrender.

"Negotiations with sanctions doesn't make sense". "That's the ask. It's pretty simple", said Pompeo, en route Sunday from a three-nation trip to Southeast Asia.

USA officials estimate that almost 100 global companies have announced their intent to leave the Iranian market, particularly in the energy and the finance sectors, he said.

The European commission today put in place never-before-used legislation to protects the continent's firms from United States sanctions which not only target Tehran but their trading partners.

The US has long designated Iran as the world's foremost state sponsor of terrorism, Pompeo noted Sunday, adding that the Islamic Republic can not expect to be treated as an equal in the worldwide community until it halts such activities. "Our stated policy is not to bring about regime change but to change behavior of the regime", said one of the officials.

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