The United States will continue to sanction any country that imports Iranian oil or conducts business with Iran’s Revolutionary Guards and no oil wavers will be re-issued, a U.S. official told Reuters on Sunday.
“We will continue to put pressure on Iran and as President (Trump) said there will be no waivers of any kind for Iran’s oil,” said Sigal Mandelker – U.S. Treasury Under Secretary for Terrorism and Financial Intelligence.
Iranian oil sales have taken a “serious nose dive” because of U.S. pressure, Mandelker added. However, Tehran has been selling increased volumes of petrochemical products at below market rates in countries including Brazil, China and India since the reimposed sanctions on oil exports by the US in November.
“Iran does have a history of using front companies to evade sanctions and enrich the regime and fund its foreign adventurism”, Brian Hook said, adding that maritime law is violated routinely by the Islamic Republic to hide its oil exports.
The re-imposed sanctions by the United States have slashed Iran’s crude oil exports by more than 80% after President Donald Trump exited Iran’s 2015 nuclear deal with world powers.
Since ditching the nuclear deal, Trump re-imposed sanctions strangling the Islamic Republic’s vital oil trade and forcing Tehran to accept stricter limits on its nuclear activity, curbing its ballistic missile program and ending support for proxy forces around the Middle East.
In response, Iran has been reducing its commitments under the deal since May, pressuring European countries to the pact to protect Tehran’s interests and economy.
France has proposed offering about $15 billion in credit lines until year-end to the Islamic Republic if they are willing to come fully back into compliance with its 2015 nuclear deal.
In addition to saving the deal, Tehran wants to restart selling its oil – at the same levels it did before Washington withdrew from the accord.
“This is a clerical regime that wants to remake the Middle East in its image – and that would deeply destabilize the Middle East to have regimes following the same Marxist theocratic regime,” Brian Hook said.
On Aug. 25 two Iranian officials and one diplomat told Reuters that Iran wants to export a minimum of 700,000 barrels of its oil daily and if the West wants to negotiate with Tehran to save the nuclear deal – ideally up to 1.5 million bpd.