Pompeo: Iranian Economy Will 'Crumble' Under Newly Imposed US Sanctions

New U.S. Sanctions Against Iran Go Into Effect

"It will be hard for Iran to maximise exports when virtually all trade in oil is cleared in U.S. dollars, putting worldwide oil companies, many national oil companies, traders and banks off limits", said Homayoun Falakshahi, analyst at Wood Mackenzie.

The sanctions are part of U.S. President Donald Trump's effort to curb Iran's missile and nuclear programs and diminish its influence in the Middle East.

During the annual UN gathering of world leaders in September, Trump chaired a council meeting that focused heavily on Iran, laying bare the rift between the United States and other powers on the nuclear deal.

"Iran will be very reluctant to return to negotiations because Tehran believes it already signed an agreement, but the USA broke it", noted White, who once served as deputy director of the Middle East Intelligence Office of the State Department.

Pompeo also held out hope for a new agreement asking Iran to make 12 changes which he listed in May but he warned that if the country doesn't, the U.S. will exert relentless pressure on the regime.

"We hope a new agreement with Iran is possible".

On Monday, the United States restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action to stop what Washington calls its "outlaw" policies, steps Tehran calls economic warfare and vowed to defy.

Elsewhere in his remarks, Jahangiri said that Americans are bent on harming Iran's economy by waging a psychological war against the Islamic Republic.

Pompeo further stated that the United States hopes "an agreement with Iran is possible", however, failure to change their ways will invite relentless pressure from the US.

U.S. officials have said the countries given temporary exemptions will deposit revenue in escrow accounts for Tehran to use exclusively for humanitarian purposes.

Mr. Trump called the Obama-era nuclear deal with Iran the "worst ever" agreement stuck by the U.S. But the other parties to the deal - Britain, France, Germany, China and Russian Federation - stuck with it. However, it allowed China, India, Italy, Greece, Japan, South Korea, Turkey and Taiwan, China to continue to import crude from Iran for now, US Secretary of State Mike Pompeo said yesterday. "We have the toughest sanctions ever imposed, but on oil we want to go a little bit slower because I don't want to drive (up) the oil prices in the world", he told reporters before flying to a midterm campaign event on Monday. "The talks with the Iranians on the matter continue", the official said.

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Crude from the Kirkuk field in northern Iraq is being shipped by truck to Iran.

The sanctions cover 50 Iranian banks and subsidiaries, more than 200 people and vessels in its shipping sector, and targets Tehran's national airline, Iran Air, and more than 65 of its aircraft, a US Treasury statement said.

"This includes hundreds of targets previously granted sanctions relief under the JCPOA, as well as more than 300 new designations".

Iran would consider new diplomacy if there were "foundations for a fruitful dialogue" on the Iranian nuclear deal, Zarif was quoted as saying.

"The irresponsible conduct of the United States necessitates a collective response by the global community in order to uphold the rule of law, to prevent undermining diplomacy and to protect multilateralism", Iranian UN Ambassador Gholamali Khoshroo wrote, calling for the United States to be held responsible.

The effect of the first part of the U.S. sanctions was resumed on the night of August 7.

Secretary Pompeo also said the USA will "grant narrow and temporary waivers" to allow continued collaboration on three civilian nuclear projects in Iran.

The US has granted exceptions to eight countries including big consumers like India and China, which means Iranian oil will keep flowing.

The EU, France, Germany and Britain said they regretted the U.S. decision and would seek to protect European companies doing legitimate business with Tehran. Those governments make up a majority or Iran's oil exports.

Alamolhoda, an influential figure on the government's Assembly of Experts, told his followers that Iran would launch a missile attack against "all Persian Gulf countries" in the event its oil markets are curtailed.

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