Iran seeks European assurances as United States oil sanctions loom

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Smashing another remnant of Barack Obama's reign and throwing some red meat at red states at the same time, the administration was quick to get out the word that "President Donald J. Trump is reimposing the toughest sanctions ever on Iran, targeting numerous corrupt regime's critical sectors".

Secretary of State Mike Pompeo said earlier Friday the United States will grant eight jurisdictions waivers to the US -led campaign against Iran, but did not name them. "These concessions are critical to ensuring that we increase our maximum pressure campaign and accelerate towards zero", Pompeo said.

On Friday, Donald Trump's United States administration announced the restoration of sanctions on Iran's shipping, financial and energy sectors, the second batch of penalties to be restored after the USA president withdrew the U.S. from the 2015 nuclear agreement in May.

"Unlike in prior administrations, we will ensure that the money is not spent on illicit activities, that there isn't any leakage in these escrow accounts, and we will work closely with countries to encourage the sale and purchase of humanitarian goods to benefit the Iranian people".

To punish Iranian banks, US Treasury Secretary Steve Mnuchin said SWIFT - which enables secure bank-to-bank communications and transactions - will also face sanctions if it provides services to blacklisted Iranian financial institutions.

An effigy of the US President Donald Trump, placed on huge prints of a 100 US dollar banknote, was burned outside the former US embassy, while others were seen burning actual dollars.

The ministry, in a statement, said the U.S. sanctions were a violation of the JCPOA, UN resolutions and "a neglect of humane, moral and ethical values".

According to Trump's tweet, the White House will reportedly address reimposing Iran sanctions, which were previously lifted by President Obama as part of the Iran nuclear agreement in 2015, on Monday.

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Pompeo said on Friday that the sanctions were "aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world". "These two can't happen together", Iranian Oil Minister Bijan Namdar Zanganeh said late September.

A day ahead of the anti-Iranian sanctions coming back into force, thousands took to the streets of Tehran to condemn the United States and Donald Trump.

Iran is heavily dependent on its exports of oil, and renewed sanctions, if effective, would hit the economy hard.

Iran said it was not troubled over the re-imposition of United States sanctions.

Obama's JCPOA, an executive agreement that never was approved by Congress, also gave Iran relief to increase its oil exports almost to pre-sanction levels, regain access to foreign exchange reserve funds and move into the global financial system again.

US President Donald Trump withdrew from its 2015 nuclear deal with Iran in May, describing it as "defective at its core". "The other six will import at greatly reduced levels".

India is a major importer of Iranian oil - of the 220.4 million metric tonnes of crude imported by India in 2017-18, more than 9% was from Iran.

Turkey imports nearly almost half of its oil from neighbouring Iran.

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