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Iran sanctions: U.S. can't stop our oil exports, says minister

09 August 2018

"But now, all the countries in the world are supporting Iran".

North Korean state media lashed out at the USA on Monday for its determination to maintain sanctions against the DPRK while negotiations on its nuclear program are ongoing, describing it as the "tragicomedy of the century". They had also proposed setting up accounts for the Central Bank of Iran in their national banks, he added.

New US sanctions on Iran have taken effect despite pleas from Washington's allies.

"China's commercial cooperation with Iran is open and transparent, reasonable, fair and lawful, not violating any United Nations Security Council resolutions", it said.

Iran is a key supplier of natural gas and oil to Turkey, which is nearly 100-percent dependent on fuel imports. A second round of sanctions against its energy sector will be reimposed on November 5.

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Among large European companies that have suspended plans to invest in Iran are France's oil major Total and its big carmakers, PSA and Renault. At current market rates, the imports are worth some $15 billion a year.

Turkey, however, said it would continue to buy natural gas from Iran.

Iran dismissed a last-minute offer from the Trump administration for talks, saying it could not negotiate while Washington had reneged on a 2015 deal to lift sanctions in return for curbs on Iran's nuclear program.

European countries have also vowed to protect the nuclear deal by continuing to trade with Iran.

Since it unilaterally pulled out of the deal in May, Washington has told other countries that they must halt all imports of Iranian oil from November 4, or face USA financial measures.

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President Trump slammed the Iranian regime with "the most biting sanctions ever imposed" this week; warning global leaders that anyone "doing business with Iran" will "not be doing business with the United States".

German Foreign Minister Heiko Maas, however, warned that the unilateral United States sanctions could further destabilise the Middle East and boost "radical forces" in the region.

Meanwhile, Italian Foreign Minister Moavero Milanesi said that "agreements have to be respected".

Danish engineering company Haldor Topsoe, one of the world's leading industrial catalyst producers, said on Wednesday it would cut around 200 jobs from its workforce of 2,700 due to the new U.S sanctions on Iran, which made it very hard for its customers there to finance new projects.

Iran's foreign minister Javad Zarif turned the tables on Washington's efforts to isolate the regime, saying Monday that it is in fact the US, Israel, and Saudi Arabia who are isolated in their hostility towards Iran.

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Iran sanctions: U.S. can't stop our oil exports, says minister