Published: Thu, August 09, 2018
Global | By Shelia Dennis

Trump warns nations from trading with Iran amid US sanctions

Trump warns nations from trading with Iran amid US sanctions

Iranian President Hassan Rouhani has vowed that Iran will stand firm against threats by the United States over oil shipments, after Washington reimposed economic sanctions on the Islamic republic.

"China's lawful rights should be protected".

The EU has revived legislation meant to insulate European companies doing business with Iran from United States sanctions, instructing them not to comply with Washington's demands, and providing a mechanism to sue the USA in European courts.

But that has proven hard, and European companies have quit Iran, arguing that they can not risk their US business.

Countries like Russia, China and Turkey, however, have said that they would not abide by the USA sanctions, and would continue to trade with Iran. "But now, all the countries in the world are supporting Iran".

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He said he considered the US pullout from the nuclear deal and re-imposition of sanctions to be "incorrect".

State energy firms CNPC and Sinopec have invested billions of dollars in key Iranian oil fields such as Yadavaran and North Azadegan and have been sending oil to China.

They target USA dollar financial transactions, Iran's automotive sector and the purchase of commercial planes and metals, including gold. Turkey buys an estimated 9.5bn cubic metres of gas from Iran.

Iran has dismissed a last-minute offer from the Trump administration for talks, saying it could not negotiate while Washington had reneged on the 2015 deal to lift sanctions.

Despite the political will to hold firm, many large European firms such as German automaker Daimler are leaving Iran for fear of United States penalties.

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

However, a senior U.S. official said it was "not particularly concerned" by the move because many major firms had already announced they were pulling out of Iran.

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

North Korean Foreign Minister Ri Yong Ho also met with Iranian counterpart Javad Zarif Tuesday in an effort to bolster longstanding relations between the countries. Zarif said that Oman and Switzerland have acted as mediators in talks with America in the past but that there are now no direct or indirect talks being held with the United States.

In an interview with NBC News' Lester Holt in September, Rouhani also warned that Washington pulling out of the pact "would carry a high cost" because "no one will trust America again".

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