Washington will continue to impose sanctions on whoever purchases Iran's oil, or conducts business with Iran's Revolutionary Guards, a US official said Sunday September 8th, adding no oil waivers will be re-issued, Reuters reported.
"We will continue to put pressure on Iran, and as President Donald Trump said there will be no waivers of any kind for Iran's oil," said Sigal Mandelker, US Treasury Under Secretary for Terrorism and Financial Intelligence, adding that Iranian oil sales have taken a "serious nose dive" because of US pressure.
Iran's crude oil exports were reduced by more than 80%, due to the re-imposed sanctions by Washington, after Trump withdrew last year from Iran's 2015 nuclear deal that “skewed to Iran's advantage.” Trump has reimposed sanctions to strangle its vital oil trade, and force Tehran to accept stricter limits on its nuclear activity, to stop its ballistic missile programme, and end its support for proxy forces around the Middle East.
Meanwhile, Iran has been reducing its commitments under the deal since May, pressuring European countries to the pact to protect Tehran's interests and its economy.
France, Germany and Britain have tried to launch an exchange trade mechanism with Iran, protecting it from US sanctions, but have struggled to get it off the ground, and Tehran on Wednesday September 4th, set a 60-day deadline for effective European action.
Iran, to save the deal, wants to restart selling its oil, to export a minimum of 700,000 barrels per day, and ideally up to 1.5 million bpd, if the West wants to negotiate with Tehran to save the agreement, two Iranian officials and one diplomat told Reuters on August 25th.