{"id":25425,"date":"2018-10-23T20:12:25","date_gmt":"2018-10-23T19:12:25","guid":{"rendered":"https:\/\/www.ncr-iran.org\/en\/news1613067580\/news-sp-256\/iran-a-world\/25425-us-sanctions-waivers-on-iran-oil-only-available-to-countries-who-cut-supply-by-over-20"},"modified":"2023-01-19T11:49:48","modified_gmt":"2023-01-19T10:49:48","slug":"us-sanctions-waivers-on-iran-oil-only-available-to-countries-who-cut-supply-by-over-20","status":"publish","type":"post","link":"https:\/\/www.ncr-iran.org\/en\/news\/iran-a-world\/us-sanctions-waivers-on-iran-oil-only-available-to-countries-who-cut-supply-by-over-20\/","title":{"rendered":"US: Sanctions Waivers on Iran Oil Only Available to Countries Who Cut Supply by Over 20%"},"content":{"rendered":"

\"US:<\/p>\n

By Mohammad Sadat Khansari<\/p>\n

US Treasury Secretary Steven Mnuchin told Reuters on Sunday that if countries that import oil from Iran want sanctions waivers, they will have to cut their Iran imports by at least 20%.<\/p>\n

He said<\/a>: \u201cI would expect that if we do give waivers it will be significantly larger reductions [than under the last Iran oil sanctions].\u201d<\/p>\n

The US will restore sanctions on Iran\u2019s oil industry from November 4, as part of the new US policy on the Gulf nation, since Donald Trump pulled out of the nuclear deal in May. Countries that do business with the US will have to stop importing Iranian oil or face major sanctions.<\/p>\n

Iran\u2019s oil exports are expected to drop by two-thirds, but Mnuchin then dismissed fears that oil prices would rise, citing that the market has already factored the US sanctions into their current price estimates.<\/p>\n

He also explained that he doesn\u2019t expect all countries to cut their oil imports from Iran to zero by November 4 \u2013 a common pledge by the Trump administration – but hopes that it will happen eventually, citing the \u201cvery significant reductions\u201d already.<\/p>\n

Indeed, Japan and South Korea have stopped importing Iranian oil, prior to the sanctions going into effect, although China has increased its imports, likely due to slashed Iranian prices.<\/p>\n

SWIFT<\/p>\n

While the US is now calling on SWIFT, the cross-border transaction settlement service, to cut Iran out of its network.<\/p>\n

Mnuchin said<\/a>: \u201cI can assure you our objective is to make sure that sanctioned transactions do not occur whether it\u2019s through SWIFT or any other mechanism. Our focus is to make sure that the sanctions are enforced.\u201d<\/p>\n

Russia<\/p>\n

The US has also warned Russia against helping Iran evade US sanctions on its oil, according to a senior Trump official who spoke anonymously to the Financial Times.<\/p>\n

The source said<\/a>: \u201cIran might be pushing the idea of Russia selling their oil on the world market to evade sanctions. I would discourage Russia from even considering this. It would be in Russia\u2019s best interests not to facilitate Iranian evasion of US sanctions.\u201d<\/p>\n

Last month at an Iran-Russia-Turkey summit, Russia and Iran reportedly agreed on a deal to help Iran evade US sanctions, according to a document from the Israeli Foreign Ministry. It would supposedly allow Iran to export crude oil to Russia via the Caspian Sea, which Russia would refine and then export worldwide. Russia would then would provide Iran with unspecified trade and service benefits.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Mohammad Sadat Khansari US Treasury Secretary Steven Mnuchin told Reuters on Sunday that if countries that import oil from Iran want sanctions waivers, they will have to cut their […]<\/p>\n","protected":false},"author":16,"featured_media":52211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[178],"class_list":{"0":"post-25425","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-iran-a-world","8":"tag-save"},"yoast_head":"\nUS: Sanctions Waivers on Iran Oil Only Available to Countries Who Cut Supply by Over 20% - NCRI<\/title>\n<meta name=\"description\" content=\"By Mohammad Sadat Khansari US Treasury Secretary Steven Mnuchin told Reuters on Sunday that if countries that import oil from Iran want sanctions waivers,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ncr-iran.org\/en\/news\/iran-a-world\/us-sanctions-waivers-on-iran-oil-only-available-to-countries-who-cut-supply-by-over-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US: Sanctions Waivers on Iran Oil Only Available to Countries Who Cut Supply by Over 20% - 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