China, India, Turkey among eight countries allowed temporary waiver in Iran oil sanctions: Pompeo

US Secretary of State Mike Pompeo. Photograph:( Reuters )

WION Web Team Washington, DC, USA Nov 05, 2018, 07.20 PM (IST)

US secretary of state Mike Pompeo announced today that China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey would be allowed temporary waiver from Iran oil sanctions which came into effect from today.

Pompeo said the eight countries exempted have "already demonstrated reduction of Iranian crude over the past six months and, indeed, two of those eight have already completely ended imports of Iranian crude and will not resume as long as the sanctions remain in place."

"We continue negotiations to get all of the nations to zero," he added.

Pompeo informed that 50 Iranian banks and 400 subsidiaries would face sanctions as the US re-imposed economic sanctions on Iran's oil, banking and transportation sectors on Monday. 

Pompeo added that more than 20 countries had already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day.

"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behaviour," US Treasury Secretary Steven Mnuchin said.

The US sanctions will also target 200 persons and vessels in its shipping sector including Tehran's national airline, Iran Air, and more than 65 aircrafts.

Pompeo said the US would put "relentless" pressure on Iran as the sanctions covered most of Iran's key industries.

"Our objective is to starve the Iranian regime of the funds it uses to fund violent activity throughout the Middle East and around the world. Our ultimate goal is to encourage them to abandon their revolutionary course," Pompeo said.

In August, the US had imposed sanctions on Iran's metals and auto sectors. 

"We hope a new agreement with Iran is possible, but until Iran makes changes in the 12 ways I listed in May, we will be relentless in exerting pressure on the regime," the US secretary of state added.

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Pompeo said the US would put "relentless" pressure on Iran as the sanctions covered most of Iran's key industries.