Economy

US Wants India To Stop Importing Oil From Iran By November

US Wants India To Stop Importing Oil From Iran By November

"On China and India, yes, certainly", a state department official told reporters when asked if the U.S. has told all countries, including India and China, to stop all their imports of Iranian oil by November 4.

The decision will test the United States' ability to pressure Iran unilaterally, with European countries which worked in unison with the Obama administration to cut shipments voicing strong opposition to the Trump administration's withdrawal from the 2015 nuclear deal.

Iranians took to the streets Monday following the collapse of the country's currency amid the renewal of United States sanctions over the regime's nuclear program. And yes, we will certainly be requesting that their oil imports go to zero.

In the face of the public show of discontent, officials sought to reassure Iranians while President Hassan Rouhani dismissed the demonstrations as "foreign media propaganda", and accused the USA of waging a "psychological, economic and political war" on Iran.

Officials have yet to hold talks with China and India, among the largest importers of Iran's oil, as well as Turkey and Iraq.

As such, this could emerge as a major topic of discussion between India and the USA during the first 2+2 dialogue next week.

Several companies, including French oil giant Total, have already said they will wind down business in Iran if they do not receive waivers.

Asked about what kind of reaction he has been getting from European allies, who remain part of the Iran nuclear deal, the official said, "I am continually struck by the amount of business that is falling out of Iran".

Senior State Department and Treasury officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions, which are aimed at pressuring Iran to negotiate a follow-up agreement to halt its nuclear programs.

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The dollar was being offered for as much as 87,000 rials on Monday, a jump from around 75,500 on Thursday, Reuters reported.

Video footage posted on social media showed protesters setting fire to garbage dumpsters in Tehran streets to block riot police from attacking them.

On May 8, President Donald Trump officially withdrew the USA from the UN-endorsed nuclear agreement, known as the Joint Comprehensive Plan of Action, and plans to reintroduce sanctions on Iran.

"For the vast majority of countries they are willing to adhere and support our approach to this because they also view" Iran's behavior as a threat, the official added.

The Iranian government is implementing new plans to control rising prices, including banning imports of over 1,300 products, preparing its economy to resist threatened US sanctions.

Reports out of Tehran said vendors at Tehran's Grand Bazaar on Tuesday continued a rare strike that began a day earlier over the collapse of the rial on foreign exchange markets.

Iran has also suggested it could increase its uranium production in response to the U.S. pullout, which others fear could worsen the situation the nuclear deal sought to avoid.

"Yes", said the official.

"Iranians are exhausted of this situation", the official added.