News ID: 275972
Published: 0816 GMT October 26, 2020

Minister: Iran’s oil industry ‘won’t be hamstrung’ by US sanctions

Minister: Iran’s oil industry ‘won’t be hamstrung’ by US sanctions

Oil Minister Bijan Namdar Zanganeh denounced fresh sanctions by the United States on Iran's oil sector as a "passive reaction”, saying the measure will not cripple the industry.

Zanganeh wrote on Twitter on Monday that the sanctions against him and his colleagues "are a passive reaction to Washingtons failure to cut Tehrans oil exports to zero."

The era of unilateralism is over in the world. Iran's oil industry will not be hamstrung," Zanganeh added.

The minister noted that he "has no assets outside of Iran to be subject to the sanctions.”

I would sacrifice my life, belongings and reputation for Iran," Zanganeh pointed out.

Iran’s Foreign Minister Mohammad Javad Zarif called the United States a "sanction addict," tweeting, "kick the habit."

More economic warfare against Iran will bring the US less – and not more – influence,” Zarif said.

The United States on Monday introduced additional sanctions on Iran, targeting the Islamic Republic's oil sector, including over sales to Syria and Venezuela.” 

The administration of US President Donald Trump has since 2018 enforced sweeping sanctions aimed at ending all of Iran's key oil exports.

Under the new measures, the administration designated the he National Iranian Oil Company (NIOC), Iran's Oil Ministry and the National Iranian Tanker Company under a counterterrorism authority”.

The Treasury Department issued the sanctions by linking the three entities to the Quds Force of the Islamic Revolution Guards Corps (IRGC) – which was earlier designated as a terrorist organization” by the United States.

The US move freezes any US assets of those blacklisted and generally bars Americans from dealing with them.

Secretary of State Mike Pompeo said that the sanctions should send a warning to "the few remaining buyers of Iranian crude oil."

Iran's permanent mission to the United Nations also said the US move against already blacklisted entities shows its hostility toward Iranian people has no limit”.

US is sanctioning entities that have already been sanctioned under other phony charges,” Alireza Miryousefi, the spokesman for the mission, tweeted on Tuesday.

The Treasury Department also imposed sanctions on a British-based Iranian businessman, Mahmoud Madanipour, and related companies for transactions with Venezuelas state-owned Petroleos de Venezuela (PDVSA) to ship tens of thousands of metric tons of gasoline obtained from NIOC to the government of Venezuelan President Nicolas Maduro.

Iranian oil exports have shrunk from over 2.5 million barrels per day (bpd) since the United States withdrew from the nuclear deal. Still, Iran has been working to get around the measures and keep exports flowing.

Crude sales rose sharply in September in defiance of US sanctions, according to three assessments based on tanker tracking

Earlier this month, the Trump administration imposed sanctions on the nation's banks – making most transactions with the outside world difficult.

The measures alarmed European allies of the United States which warn of dire consequences even to humanitarian trade.

AFP, Reuters and Press TV contributed to this story.

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