Economy

European Union expresses deep regret over US-Iran sanctions

European Union expresses deep regret over US-Iran sanctions

Separately, President Donald Trump said incoming sanctions - which will target Tehran's finance and energy sectors - are "serious", and that "Iran is taking a very big hit".

Although precise figures are rarely available in the notoriously opaque oil market, most analysts say Iran's exports dropped from around 2.5 million barrels per day in April to roughly 1.6 million in October. The European Union, in contrast, has reaffirmed its commitment to the deal.

Such is the dominance of the USA in global trade, that even the announcement of the renewed sanctions has been enough to trigger a wave of worldwide companies pulling their investments out of Iran, and its crude oil exports have been falling.

Countries with close security and trade ties with the USA were quick to cut their purchases - South Korea went nearly straight to zero, with Japan and much of Europe close behind. In a wealthier area, CBS News met the Hossein family. "I want to escape from Iran", said Essam, an accountant, who is disgusted with both the USA and Iranian governments. Indeed, with U.S. gasoline prices still relatively high and midterm elections just days away, Trump has some incentive to soften his offensive.

On Friday afternoon Trump tweeted an image of himself with the words "SANCTIONS ARE COMING" sprawled across him in the same font as the HBO show uses.

With the sanctions clampdown, Trump is seeking to push Iran to end uranium enrichment outright, and halt its ballistic missile development and support for proxy forces in Yemen, Syria, Lebanon and elsewhere in the Middle East.

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Pompeo said the United States will be issuing temporary, six-month waivers for eight jurisdictions that have significantly reduced, though not eliminated, their imports of Iranian oil. "Iran's oil exports are decreasing and difficulties paying Iran for oil with hard currency are evident". Iran can spend the money but only on a narrow range of humanitarian items.

China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been top importers of Iran's oil; Taiwan occasionally buys cargoes of Iranian crude. "The nitty-gritty of this will come gradually", he said. They were hoping for Iran to be disconnected from the main global financial messaging network known as SWIFT.

The announcement was made by US Secretary of State Mike Pompeo and Treasury Secretary Stephen Mnuchin. Cabinet officials also pushed back on criticism from opponents of the deal that the United States is not going far enough to fulfill the administration's goal of "maximum pressure" on Iran. Those, he said, would include more than 300 that had not been included under previous sanctions.

Meanwhile, Iranian state television reported that the Islamic Republic had started production of the locally-designed Kowsar fighter plane for use in its air force.

Supreme Leader Ayatollah Ali Khamenei also said Iran's arch-adversary the United States had failed to reassert its domination over Iran since the country's 1979 Islamic Revolution that toppled the USA -backed Shah. He said the U.S.is weaker than it was in 1979.