IAEA confirms Iran fulfills nuclear deal, says Russia’s envoy

In Iran burned an effigy of trump, the flags of the USA and Israel

Washington in May withdrew from a 2015 nuclear deal signed between world powers and Iran under which worldwide sanctions against Iran were lifted in return for curbs on its nuclear program. "I announce that we will proudly bypass your illegal, unjust sanctions because it's against worldwide regulations.We are in a situation of economic war, confronting a bullying power".

In May, US President Donald Trump withdrew from the deal which was signed by his predecessor Barack Obama after years of negotiations. The measures taking effect Monday restore all the sanctions that had previously been lifted under the accord, which had given Iran billions of dollars in sanctions relief in exchange for curbs on its nuclear program.

Meanwhile, it has been noticed that the European Union did not get a waiver for continuing oil imports from Iran.

Iran said it would defy United States sanctions reimposed on it by Washington on Monday.

The United States will exempt China, India and Japan from oil sanctions on Iran, Secretary of State Mike Pompeo said on Monday, while vowing to be "relentless" in pressuring Tehran. US light crude was 15 cents lower at $62.99.

The sanctions target Iran's vital oil industry, although major customers such as China and India were given temporary exemptions.

The second wave of renewed US sanctions on OPEC's third largest exporter officially started on Monday targeting Iran's energy, shipbuilding, shipping, and financial sectors.

Mark Dubowitz from the Foundation for the Defense of Democracies said the administration first wanted to reduce Iranian oil exports as much as possible in the months prior to Monday, then close down Iran's oil revenues by creating restricted accounts, then, in 2019, analyze oil markets to see how Iranian oil exports might be reduced even further. Under the deal, Iran had agreed to limit its nuclear program and the worldwide community would lift the sanctions against Iran.

Without its services, Iranian banks will find it more hard to do business with any client prepared to courageous USA sanctions to maintain ties with Tehran.

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Iran's clerical rulers have dismissed concerns about the impact of sanctions on the economy.

"Any financial institution, company, or individual who evades our sanctions risks losing access to the U.S. financial system and the ability to do business with the United States or USA companies", Mnuchin said.

The sanctions are created to push Iran's exports to zero.

Iran and the P5+1, the United Nations Security Council's five permanent members -the USA, the UK, France, Russia, and China - plus Germany, reached the Iran nuclear deal in July 2015.

Washington has agreed to let eight countries keep buying Iranian oil.

The U.S. withdrawal from the multilateral JCPOA in May was a "scandal" for Washington, he said.

This could mean European and other banks and businesses face secondary sanctions if Washington deems them in breach of sanctions, and U.S. officials have been pressing SWIFT to act.

"On the face of it, we have been given about six-seven months respite to continue importing the Iranian oil".

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