Iran prepares for ‘economic war’ with U.S.; protests continue

Iran prepares for ‘economic war’ with U.S.; protests continue

Iran prepares for ‘economic war’ with U.S.; protests continue

Their trip did not included Turkey, and the largest importers of Iran's oil - India and China - so far, but the countries are also to be urged to stop purchases by early November.

"Will the Prime Minister and Petroleum Minister tell the nation if they will adhere to the USA decision asking to stop oil imports from Iran and its impact on petro prices and national interests?", Congress chief spokesperson Randeep Surjewala tweeted.

Mehrdad Emadi, an Iranian economist who heads energy risk analysis at London's Betamatrix consultancy, estimated US sanctions could cause Iran's crude oil exports to drop by between 500,000 and 800,000 bpd in coming months.

"Iran exports 2.5 million barrel per day of crude oil and gas condensate and cutting it easily and in a period of a few months is impossible", the official said.

After US President Donald Trump chose to withdraw earlier this year from the deal with Iran regarding its nuclear program, brokered by world powers led by his predecessor Barak Obama, some US sanctions are on tap to be reimposed in August with others to follow in November.

Bijan Namdar Zanganeh, the Iranian petroleum minister, said last week that the country was bracing for the loss of buyers because of new USA sanctions, saying oil majors Total SA and Royal Dutch Shell were among energy companies that have already stopped their purchases.

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Ali Fazeli, the head of Iran's Chamber of Guilds, a business association, told the semi-official Tasnim news agency later on Monday: "Business is as usual in the Grand Bazaar".

A senior State Department official warned foreign capitals "we're not granting waivers" and described tightening the noose on Tehran as "one of our top national security priorities".

"The atmosphere for the work, life and livelihood of the people must be secure", he said in a meeting with judiciary officials, according to his official website. Official reports and comments also were slim in Iran's state-controlled media, though Prosecutor Abbas Jafari Dolatabadi said the "main provocateurs" of Monday's protests were arrested.

Massive protests have erupted in Iran with in recent days as the country's economic crisis worsens, with many Iranians blaming the government's costly foreign interventions as the root of their economic ills. "I don't want to get into the substance of each discussion I've had, but, for a vast majority of countries, they are willing to adhere and support our approach to this because they also view it as a threat".

Addressing Iran, Israeli Transportation Minister Yisrael Katz has said that United States sanctions on Iran are just the beginning, reported yesterday.

In a recent report, the bipartisan Congressional Research Service (CRS) said as global sanctions on Iran increased in 2010-2013, India sought to preserve its longstanding ties with Iran while cooperating with the sanctions regime. The demonstrators believe that Iran's expansionist policies cause both economic difficulties and diplomatic disagreements, resulting in the sanctions. In January 2012, Iran agreed to accept India's local currency, the rupee, to settle almost half of its sales to India. "During 2011-2015, India reduced its purchases of Iranian oil-at some cost to its own development-in order to receive from the United States administration exemptions from sanctions".

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