Iran Has Plans to Counter New US Sanctions, VP Says

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Exempted countries are top Iranian oil importers China, India, South Korea, Turkey, Italy, United Arab Emirates and Japan, as well as occasional oil customer Taiwan.

The Trump administration on Monday reimposed sweeping sanctions on Iran, targeting its financial sector and oil industry to pressure the Islamic regime to cease nuclear weapon development and sponsoring terrorism.

USA officials have said the aim of the sanctions is eventually to stop all Iran's oil exports. But he said the eight unidentified nations "need a little bit more time to get to zero".

On Monday, the US government officially re-imposed all of the sanctions on Iran that were suspended as a result of the nuclear deal signed during President Barack Obama's tenure.

"These sanctions hit at the core areas of Iran's economy", Pompeo told reporters on Friday.

"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behavior", Steven Mnuchin, the Treasury Secretary, said in a statement Monday, the day the sanctions kicked in.

The remaining sanctions, including those against the Iranian oil sector, entered into force on November 5.

In Jerusalem, Israeli Prime Minister Benjamin Netanyahu hailed what he called Trump's courageous decision in reimposing the sanctions on Iran, an arch-foe of Israel.

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"The US allies are seeking to oppose the US unilateralism to show their economic independence from US politics". That should have driven oil prices up due to concerns over lack of supply. China has publicly defied the U.S. call for curbs on oil imports from Iran.

South Korea, a US ally and one of Asia's biggest buyers of Iranian oil, asked Washington for "maximum flexibility" last week, after some of its construction firms cancelled energy-related contracts in Iran due to financing difficulties.

Americans cast votes on Tuesday to decide whether Donald Trump's Republicans maintain their grip on the US Congress, or if.

Global benchmark Brent crude was up by more than $1 to a session high of $73.92 a barrel this morning. In August, the USA re-imposed sanctions on Iran in non-energy sectors including finance, metal, mineral resources and automobile.

"We are in regular contact with other signatories of the nuclear deal. setting up (a) mechanism to continue trade with the European Union will take time", Iran's Foreign Ministry spokesman Bahram Qasemi told a weekly news conference on in Tehran.

While detailing sanctions on Iran's banking sector, the administration announced the US will allow transactions for humanitarian purposes. "We expect to see more progress as our sanctions start to bite".

Kevin Book, managing director of Clearview Energy Partners research firm in Washington DC, said the first round re-imposed in August have already had a significant impact on the Iranian economy.

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