United States agrees to grant India waiver from Iran sanctions

Rouhani: Iran does not fear new US sanctions on energy, banking sectors

Rouhani: Iran does not fear new US sanctions on energy, banking sectors

"They're gutting President Trump's maximum pressure campaign", one senior congressional staffer briefed by administration officials on Iran and SWIFT said.

The US government has agreed to let eight countries, including close allies South Korea and Japan, as well as India, keep buying Iranian oil aid the upcoming sanctions, Bloomberg reported, citing a US official.

Senior US State Department officials working on the Iran issue are said to have convinced Secretary of State Mike Pompeo to permit Iran to remain connected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) global banking system, Washington Free Beacon reported, citing the sources familiar with the matter.

Particularly, the sanctions will target Iran's crude oil exports and will penalize countries that don't stop importing oil and foreign companies that do business with certain Iranian entities.

The official told Bloomberg that waivers were aimed at preventing oil price hikes and would be granted in exchange for continued import cuts.

India on Thursday said it was engaged with the US, Iran and other stakeholders on the issue of American sanctions on import of Iranian oil, amid indications that the Trump administration may grant New Delhi waiver from punitive measures.

President Donald Trump withdrew from the deal in May, describing it as "defective at its core".

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"We ask that it to modify its behaviour, and the Secretary (of State) has been clear frequently on what we expect from the regime and human rights are certainly an important aspect of that", he said.

"It seems that the U.S. has no more capability to put countries and global economic enterprises under pressure", the Iranian spokesperson added.

The administration has said it is considering waivers on a case-by-case basis. That means the money won't directly go to Iran, which can only use it to buy food, medicine or other non-sanctioned goods from its crude customers. "There is much more that it's going to need to do", he said.

The Islamic Republic of Iran Broadcasting (IRIB) news agency on Wednesday quoted Rouhani as calling the move "a new injustice" which the government did not fear.

Earlier, Secretary of State Mike Pompeo said that the punitive Iranian sanctions would return on Monday, November 5.

He added: "In the past few months our people have faced hard times and it's possible that the next few months will be hard".

U.S. Arab allies Saudi Arabia and the United Arab Emirates as well as Israel have long sought for Washington to work to curtail non-Arab and predominantly Shiite Muslim Iran's influence in the Middle East, including in war-torn Syria. Iran could mix its oil with crude from neighboring Iraq, sell on the black market or try a barter system supported by the European Union.

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