Iran: US older sanctions lifted and fresh Imposed

Soon after the US lifted sanctions on Iran's nuclear programme, it imposed fresh sanctions on Iranian companies and individuals over a recent ballistic missile test.

BBC reports that the new sanctions prevent 11 entities and individuals linked to the missile programme from using the US banking system.

"Iran's ballistic missile programme poses a significant threat to regional and global security, and it will continue to be subject to international sanctions," said Adam J Szubin, US acting under-secretary for terrorism and financial intelligence.

Read details at BBC | Photo

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Obama retains oil sanctions against Iran despite Geneva Deal

In the aftermath of the newly struck Geneva deal by Iran with the Western world, USA seems unmoved by the latest developments and S President Obama has ruled out lifting sanctions on export of petroleum and petroleum products from Iran.

The decision has had a significance impact of neighbouring Pakistan, which was hoping the sanctions to be lifted so that it could buy gas from Iran through a specially laid down pipeline from Iran to Pakistan.

“There is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions,” Mr Obama said in a statement issued by his office.

The American response is rather tangent to the Geneva deal in which  the United States and its Western allies have agreed to “suspend US and EU sanctions on Iran’s petrochemical exports, as well as sanctions on associated services.”

Read more about it at: The Dawn
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China reportedly agrees with US for sanctions on North Korea

Although an ally of North Korea, China is reported to have reached an agreement with USA to impose new sanctions on North Korea for its latest nuclear test, as Pyongyang threatened to disregard the armistice that ended its 1950 to 1953 war with South Korea.

The United Nations Security Council holds closed-door consultations on North Korea Tuesday and diplomats told reporters they hope for a vote on the proposed resolution by the end of the week. Details of the draft measure were not immediately available.

It may be added that the UN Security Council has already condemned unanimously the February 12 nuclear test and has termed it as a "grave violation" of existing U.N. sanctions on North Korea's nuclear and missile programs. 

Meanwhile, North Korea stepped up its rhetoric Tuesday, threatening to scrap the armistice signed in 1953 if Seoul goes ahead with plans to conduct annual war exercises with the United States. The Korean People's Army Supreme Command warned of "surgical strikes" meant to unify the divided Korean Peninsula.

Read more about it at: VOA
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Iran to reduce oil reliance and boost other exports

In view of sanctions on Iran, Iran has decided to reduce reliance on oil exports and instead rely on other exports from the country.

This was disclosed by the Iranian president  in a television interview late on Saturday.

"We have to go in a direction to reduce oil receipts in our economy and raise other incomes such as non-oil exports that are increasing rapidly," the Iranian president said.

The International Energy Agency estimated last week that Iran's oil exports may have dropped below 1 million barrels per day in January from 2.2 million bpd in late 2011, costing the country over $40 billion in reduced revenues last year.

In the meantime, Iran's government has sought to impose cuts to its spending by drastically reducing access by businesses and individuals to its generous foreign exchange sales rates and banned the import of luxury items to stem the flow of hard currency abroad.

Read more about it at: Yahoo Finance
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Clinton keeps pressure on India over Iran oil

Ratcheting up pressure on India to isolate Iran, US secretary of state Hillary Clinton on Tuesday sidestepped a question on whether New Delhi is eligible for a waiver of possible sanctions that will affect those nations continuing to buy oil from Iran, despite acknowledging that the Indian government had cut imports from the Islamic nation.

In New Delhi on the last leg of a three-nation Asian tour on Tuesday, Clinton lauded Indian refiners for their cuts in crude imports from Iran, adding that the US was working with energy-deficient India to find alternative crude supplies.

“We also look to India as a partner in the broad international effort to prevent Iran from acquiring nuclear weapons. The best way to achieve this is...for the international community to stay united and keep the pressure that has brought Iran back to the negotiating table until we reach a peaceful diplomatic resolution,” she said after talks with her Indian counterpart S.M. Krishna. 

Read more: Live Mint

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Iran halts oil sales to UK and France

Iran has halted to its oil sales to Britain and France on Sunday - European Union enraged Tehran last month when it decided to impose a boycott on its oil from July 1. Iran, the world's fifth-largest oil exporter, responded by threatening to close the Strait of Hormuz, the main Gulf oil shipping lane.

On Sunday, its oil ministry went a step further, announcing Iran has now stopped selling oil to France and Britain altogether - a powerful yet largely symbolic message since neither European nation relies on Iranian crude imports.

Read more: Reuters

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Iran not to yield to pressures over nuke issue

Iranian President Mahmoud Ahmadinejad said Saturday that Iran has always beenready for the talks over its nuclear issue, but it will not yield to Western pressures to quit its rights.

Ahmadinejad made the remarks addressing a large crowd of people gathered at Tehran's Azadi (liberty) Square on the occasion of the 33rd anniversary of the Islamic republic.

"We have always been ready for (nuclear) talks within the framework of justice and respect. I clearly announce that if you (Westerners) talk in the language of coercion and disrespect (with Iranians), the Iranian nation will never surrender to you" over its nuclear rights."

"The only way you need to observe is to respect the rights of Iranian nation and to come to the negotiation table," said Ahmadinejad.

Read more: China Daily

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Iran offers Pakistan oil supply on soft terms

With a decline in oil export  to the world market due to new US and European Union sanctions, Iran has offered to provide Pakistan oil on long-term deferred payments by laying a pipeline between the two countries.

The offer, which may also benefit Afghanistan, was made by Iranduring a recent visit to Pakistan by its International Affairs Vice President Ali Saeedlou.

Iranian oil supply to the world market has declined by 20% following the embargo imposed by the US and EU.

Read more: The Express Tribune

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Iran oil halt 'would raise price 30 per cent' - warns IMF

The International Monetary Fund (IMF) has warned that global crude prices could rise as much as 30 per cent if Iran halted oil exports as a result of US and European Union sanctions.

If Iran halts exports to countries without offsets from other sources, it would likely trigger an "initial" oil price jump of 20 to 30 per cent, or about $20 to $30 per barrel, the IMF said in its first public comment on a possible Iranian oil supply disruption.

The price impact caused by a cut in Iranian exports could be exacerbated by below average oil stocks in many countries, the result of tight oil market conditions through much of last year, the IMF said.

Read more: Al Jazeera

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India to buy Iran oil without U.S. waiver

[ via Reuters ] 12 Jan

India will keep doing business with Tehran and sees no reason to seek a waiver that would protect buyers of Iranian oil from a fresh round of U.S. sanctions, a senior Indian cabinet minister said on Thursday.

"Why should we seek waiver from the U.S.? We have done business with Iran earlier and will continue to do business," the minister, who has knowledge of the matter but did not want to be named as the matter is confidential, told Reuters.

Read more: Reuters

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West readies oil plan in case of Iran crisis

[ via Reuters  ] 6 Jan

The Western countries are powers reading themselves to brace the oil crisis should the same drop after sanctions on Iran or if the Iran blocks the Strait of Hormuz.

Senior executives of the International Energy Agency (IEA), which advises 28 oil consuming countries, are said to have discussed on Thursday an existing plan to release up to 14 million barrels per day (bpd) of government-owned oil stored in the United States, Europe, Japan and other importers.

Action on this scale would be more than five times the size of the biggest release in the agency's history -- made in response to Iraq's 1990 invasion of Kuwait.

Read more:Reuters

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Iran Nuclear Program: Big buyers shun Iran oil

[ via Reuters ] 

Iran faces the prospect of cutbacks in its oil sales to China and Japan as new measures to block Tehran's crude exports over its nuclear program appears to be driving its economy to the wall.

China, Iran's biggest trade partner, has already cut its purchases of Iranian oil by more than half this month and would extend the cuts to February, a Beijing-based trader who deals with Iranian oil said.

Japan is also said to be considering cutbacks in its Iranian oil purchases to secure a waiver from new U.S. sanctions signed into law on New Year's Eve by President Barack Obama, a government source said.

Read more: Reuters

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EU moves towards Iran crude oil ban

[ via BBC News Middle East ] 5 Jan

EU member states have agreed in principle to ban imports of Iranian crude oil to put pressure on the country over its nuclear programme.

The move is expected to be announced formally at an EU foreign ministers' meeting at the end of January.

Iran has dismissed the threat of new sanctions and denies Western claims that it is trying to develop a nuclear weapons programme.

Iran has also denied that a record low of its currency this week was linked to punitive US measures against its banks.

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Asian Countries Fearful of Backlash of Sanctions over Iran

[ via Reuters ] 15 Dec

While USA is planning to impose fresh sanctions to isolate Tehran, the Asian governments are having cold feet as they will have no way to pay for Iranian crude imports and face rising costs to fuel the region's growing economies.

At stake is around 1.4 million barrels of oil Iran ships to Asia every day, meeting 10 percent of demand from top buyers China and India. South Korea, Japan and India are scrambling to find ways to keep the oil flowing.

Any restriction on oil supplies from Iran, the world's fifth-largest crude exporter, could drive up already high oil prices and threaten economies already facing the impact of the euro zone debt crisis.

Read full story for details.

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Korea in dilemma over US request for sanctions against Iran

[ The Korea Times ] 6 Dec

Korea is now in a dilemma over what stance it should take as the United States recently asked for its cooperation in toughening sanctions on Iran for its alleged pursuit of nuclear weapons programs, officials and experts said Tuesday.

As already reported yesterday by Imposing Headlines quoting The New York Times, a senior American diplomat urged South Korea on Monday to suspend imports of Iranian petrochemicals as Washington tried to rally international pressure on Iran to stop its nuclear program

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Fresh sanctions for Iran over nuclear programme

Full Story: BBC Middle East 21 Nov

USA, UK and Canada have imposed a number of fresh sanctions on Iran over its disputed nuclear programme.

The UK says it is cutting all ties with Iranian banks, while Canada is banning exports for the petrochemical, oil and gas industries. As for USA, US Secretary of State Hillary Clinton spoke of a "significant ratcheting-up of pressure" on Iran.

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