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Extensions to exceptions to anti-Iran sanctions expire

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Extensions to exceptions to anti-Iran sanctions expire
May 01
13:00 2019

In the US, there is the end of the period of exclusion from anti-Iran sanctions for several countries exporting oil from this country.

Turkey, China, India, and others are among these countries. If after May 2 they do not stop buying oil from Iran, America will impose sanctions against them too. Exemptions were temporary in order to find other suppliers.

Greece, Italy and Taiwan stopped buying Iranian oil. The rest of the countries have asked several times to extend the exceptions, but the American authorities have not made concessions.

The decision not to extend the exemption was taken in April. Thus, US President Donald Trump wants to ensure that Iran’s exports drop to zero.

At the same time, official Washington stated that other countries were ready to compensate the deficit, which will inevitably arise in the market, by increasing production. It was said about Saudi Arabia and the United Arab Emirates. However, there was no confirmation from them. They only stated that they would not do anything until there was a real threat of a fuel shortage.

In response to the US decision to end the period of exclusion, Iran announced that it did not exclude the possibility of blocking the Strait of Hormuz. About a third of all oil exported from the region passes through it.

We recall that in 2015, six mediators (including the main members of the UN Security Council and Germany) together with Iran adopted a common action plan for its nuclear program. It was about the exclusion of any sanctions against Iran in exchange for restrictions on the enrichment of uranium. Last year, President Trump criticized the deal and left it. In early November, US sanctions against Iran were renewed.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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