Iran urges United Nations to hold U.S. to account over sanctions

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Additionally, eight countries will receive waivers for sanctions on importing Iranian oil: China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.

In an interview with "Fox News Sunday", Pompeo refused to reveal which countries received waivers from USA sanctions to continue importing Iranian oil.

News of waivers on the sanctions weighed on prices, analysts said.

Meanwhile, in Tehran, demonstrators poured onto the streets to mark the 39 anniversary of the occupation of the US embassy there, an action that precipitated a protracted hostage standoff that helped tank President Carter's chances at re-election and almost took down the Reagan administration amid the Iran-Contra scandal. Washington announced a target to bring Iranian oil exports down to zero and urged its customers to abandon such purchases.

"We have chose to issue temporary allotments to a handful countries responsive to the specific circumstances and to ensure a well supplied oil market", Pompeo said. External Affairs minister Sushma Swaraj and Pompeo had discussed the issue of oil imports from Iran.

Brian Hook, the USA special representative for Iran, told CBS News, "We don't expect to start seeing these effects come into effect until later".

Dubowitz added, "They don't want all the Iranian oil off the market November 5, because that would spike the price and send additional revenues to Iran".

Major producers of synthetic resin and fiber have increased prices for some products including polyethylene, used for food wrappers and plastic bags.

For both Japan and China, Iran is a significant but not huge supplier.

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President Donald Trump removed the USA from the 2015 Iran nuclear deal earlier this year, triggering the sanctions being imposed Monday.

"The Iranian regime has a choice, it can either do a 180-degree turn from its outlaw course of action and act like a normal country or it can see its economy crumble", said Secretary of State Mike Pompeo at a press conference.

After pulling the U.S. out of the deal struck between Iran and six major powers - Britain, China, France, Germany, Russia and the United States - the administration began reimposing sanctions on the Islamic Republic in August.

Under the deal, Tehran agreed to curb its nuclear activities in exchange for lifting crippling economic sanctions. "We have no problem to talk on the condition that the other side attaches value to its obligation", Rouhani said during a meeting at the headquarters of the Ministry of Economy and Finance. Despite this, Iran will continue to sell some oil as Washington said on Friday it would temporarily allow eight importers to keep buying Iranian supplies.

The new sanctions were particularly aimed at Iran's vital oil industry, which provides a crucial source of hard currency. "Now we can not say when and in what form the imports will be resumed, but we aim to resume them and are currently considering this issue", the spokeswoman Michiko Ono said. It also covers an Iranian airline, Iran Air, and more than 65 of its aircraft.

On Saturday, Iran's Supreme Leader Ayatollah Ali Khamenei denounced the reimposition of USA sanctions, saying Trump had hurt us standing in the world and that Iran would ultimately come out as the victor.

He assured any company that violated the embargo would face "swift and severe" penalties.

South Korean companies doing business in Iran are facing uncertainty now that sanctions have been reimposed on the Middle Eastern country, despite the waiver that Korea received.

"This step, while regrettable, has been taken in the interest of the stability and integrity of the wider global financial system", it said in a statement.

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