United States sanctions just the beginning

Psychological Economic Political War: Hassan Rouhani On US Sanctions

The protests, which began on Monday in Tehran and around the country - including economically hard-hit cities like Kermanshah in western Iran - featured shouts of "Death to Palestine", "No to Gaza, no to Lebanon" and "Leave Syria and think of us", highlighting Iran's continued support for Palestinian groups and Syrian President Bashar Assad despite the country's dire economic state.

But the official said that Trump administration officials have been visiting European and Asian countries to say that the USA expects their imports to be zeroed out by the time the grace period ends. Notably, both New Delhi and Beijing both are the major importers of Iranian oil.

Prohibited imports include home appliances, textile products, footwear and leather products, as well as furniture, healthcare products and some machinery, Tehran Times said.

In a televised speech Monday night, Iranian president Hassan Rouhani blamed Washington of waging economic warfare against the country.

On Monday, thousands of traders in the Iranian capital's Grand Bazaar held a rare strike over the rial's collapse on the foreign exchange market. The rial traded at 78,500 against the dollar in the unofficial market on Wednesday, according to foreign exchange website Bonbast.com.

After US president Donald Trump made a decision to withdraw from world powers' deal with Iran on its nuclear program, some US sanctions are to be reimposed in August and some in November. At the end of past year, it stood at 42,890, more than double this week's valuation.

"In the coming months we will see much more intervention in the economy by the government, a centrally imposed style of management by diktat", he said.

If India believed that just like the first round of Iran sanctions, it could negotiate a softer deal with the United States, those hopes were dashed.

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This mean that the Trump administration will not allow countries to gradually phase out Iran's oil exports over the duration of many months like the Obama White House did. Iran has also requested European Union nations commit to buying oil from them as part of a deal to remain in the nuclear pact.

Private oil companies in India may already be backing down, however.

A senior Revolutionary Guards commander, meanwhile, on Wednesday that it was the responsibility of all Iranians to help the government overcome economic problems.

"Iran is in a weaker position to cope with these sanctions than it was during the last sanctions period two years ago", Emadi said. However, this spending has come at the expense of the domestic needs of the Iranian people, who have struggled for years under tough worldwide sanctions against the regime.

"Citizens of Iran, where'd your money go?"

And sanctions or not, some believe that Japan is unlikely to completely cut itself off from Iranian oil. Tehran real estate prices have climbed and Iran's stock market has jumped 17 percent since the end of May to a record high.

Oil prices surged more than 2.5 per cent in NY as traders digested the prospect of a much larger than expected loss of Iranian supply this winter.

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