Iran vows to 'proudly bypass' USA sanctions

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Sources said the USA waiver for 8 countries, may not be indefinite and it would come with commitment to reduce oil imports from Iran to zero quickly.

The United States is reimposing sanctions that were lifted under the 2015 nuclear deal in exchange for curbs on Iran's nuclear activities.

"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", Rouhani said.

The Trump Administration announced additional sanctions on Iran on a teleconference on November 2 led by Secretary of State Michael Pompeo and Secretary of the Treasury Steven Mnuchin.

"Petrochemicals are key to our economy, and we stressed that if we're hit by the Iran sanctions, it would pose grave challenges to our whole economy", the official said, requesting anonymity due to the sensitivity of the issue. They could upset world oil markets, though the USA has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.

Secretary of State Mike Pompeo, speaking to "Face the Nation" on Sunday, described the measures as the "toughest ever" sanctions on Iran.

For example, the U.S. does not want to have India and South Korea move geopolitically closer to China, Russia and other competitors and away from its influence. Washington says it wants a new deal with Iran, curtailing its regional interventions and missile programme - demands which have been flatly rejected by Tehran.

Mr Rouhani, meanwhile, pledged that Iran would overcome the sanctions.

It also did not respond to a question on the fate of the the strategically crucial Iranian port of Chabahar, which India sees as critical for reaching landlocked Afghanistan and Central Asia.

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Asked if the US had assurances from India and China - suspected to be among the nations getting waivers - that they would eventually give up importing oil from Iran, Pompeo wouldn't say.

Rouhani pledged to government officials in his remarks that Iran would overcome the United States embargo.

The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the United States sanctions will be dissuasive. "We are prepared to resist any pressure", Rouhani said. While Chief Cabinet Secretary Yoshihide Suga declined to detail any potential sanction waivers, he said his government had asked Washington that sanctions should not have an adverse impact on Japanese companies.

First, keep in mind that in addition to these countries, Russian Federation is thumbing its nose at the U.S. pressure campaign and is assisting Iran in a variety of ways economically.

The US expects to have reduced Iranian oil exports by more than 1 million barrels even before Monday's tranche of economic penalties, which the US has long warned were incoming.

Speaking about whether the European Union can help Iran in solving its problems, the expert stressed that the sanctions increase the risks associated with investing in Iran, which leads to a decrease in the credibility of this country at the global level, and the demand for Iran's goods and services decreases. However, one must keep in mind that the Iranian government has stated that it will continue to sell oil in different ways.

The countries will deposit Iran's revenue in an escrow account, USA officials have said.

"So the ultimate objective is to pressure Iran to get back to the table of negotiations as per the terms of US President Donald Trump's administration".

Some 52 Americans were held hostage in the embassy for 444 days and the two countries have been enemies ever since.