Iranians mark 'second revolution' amid new sanctions

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"We call on the regime to abandon its nuclear ambitions, change its destructive behaviour, respect the rights of its people, and return in good faith to the negotiating table", President Trump said in a statement, adding, the U.S. "remains open to reaching a new, more comprehensive deal".

"Thank you, President Trump for this historic step".

Struck between world powers and Tehran after years of fraught negotiations, the deal was aimed at limiting Iran's nuclear capabilities in exchange for sanctions relief.

TankerTrackers says there are now six vessels, with a total of 11 million barrels of capacity, parked offshore as floating storage containers - freeing up port capacity and allowing for quick deliveries. China, the leading importer of Iranian oil, is still in discussions with the USA on terms, the report said. Unlike many other news organizations, we have not put up a paywall.

China, the largest buyer of Iranian oil, has been surprisingly willing to play ball with sanctions so far, in part because it has bigger fish to fry in the form of its ongoing trade war with Washington.

A day ahead of the anti-Iranian sanctions coming back into force, thousands took to the streets of Tehran to condemn the USA and Donald Trump. "The president himself is interested in having a broader, better deal with the Iranians, but I believe that most of his national security team are interested in either destabilising Iran or assuring a regime change in Tehran", Vaez said.

Thousands of Iranian students have been chanting "death to America" at government organised rallies on the eve of new sanctions. Following the hostage-taking, the USA halted diplomatic relations with Israel. "We have the knowledge and the capability to manage the country's economic affairs", Iran's Foreign Ministry spokesman, Bahram Qasemi, told state television.

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Mnuchin warned that SWIFT will be subject to USA sanctions if it provides financial messaging services to designated Iranian financial institutions. Those that buy oil from Iran after the cutoff could be penalized, through fines or exclusion from the U.S. financial system.

The US also said that it would issue waivers to eight different countries to allow them to import Iranian petroleum products for a limited period without facing penalties.

Pradhan also expressed hope that India and other leading oil buyers will benefit from the waiver the United States has granted them from Iran sanctions.

However, the USA is expected to give a short-term waiver to eight countries which could include India because of its commitment to significantly reduces import of oil from Iran. "That's a good thing for American consumers", Pompeo said.

If the United States does in the end follow through on its strongest threats, choking off Iranian supplies entirely, that spare capacity could be completely exhausted, leaving nearly nothing left to cover unexpected disruptions in other trouble spots.

US Secretary of State Mike Pompeo, who announced the decision on Friday, did not identify the eight, which he referred to as "jurisdictions", a term that may include importers such as Taiwan which the US does not regard as a country. "That's the mission, these sanctions are a part of our effort, and they're already being felt by the Iranian leadership", he said.

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