The United States has reimposed its naval blockade on Iranian ports following the collapse of peace talks, but Iran's oil exports continue through a secretive network known as the "shadow fleet."

This network consists of hundreds of aging oil tankers that operate outside traditional shipping systems, helping Tehran continue its energy trade despite years of U.S. sanctions. These vessels often disable tracking systems, change identities, use foreign registrations, and conduct ship-to-ship oil transfers to hide their origins.

While Washington's sanctions target companies, banks, and shipping firms involved in Iranian crude trade, Iran has built a parallel export system that keeps its oil flowing to international buyers, especially China.

Iran's Ships Hide Identities to Evade U.S. Sanctions & Tracking | The West Asia Post 

For the first time in nearly a decade, Washington is reportedly easing restrictions on Iranian oil exports, allowing Iran to sell oil in the open market and receive payments in U.S. dollars.

The move marks a significant shift in U.S. sanctions policy and could reshape global oil trade dynamics, energy prices, and geopolitical alignments in the Middle East.


U.S. Treasury Waives Iran Oil Sanctions

During a White House meeting with Polish President Karol Nawrocki, US President Donald Trump lashed out at a reporter who questioned his lack of action against Russia. Trump defended his stance by pointing to secondary sanctions imposed on India over its purchase of Russian oil, calling them a major blow to Moscow's economy.

'Get a new job': Trump rebukes Polish journalist amid oil sanctions row 

'Get a new job': Trump tells Polish journalist amid oil sanctions row 

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia.&nbsp;

According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year. &nbsp;

The Greek-owned vessels, operating under the $60 per barrel price cap imposed by sanctions, handled more of Moscow's oil than those of any other individual country except Russia itself.&nbsp;

Sanctions intended to constrain, but profits escalate &nbsp;

The Western sanctions, designed to cut funding for Russia's military assault on Ukraine, included a $60 per barrel price cap for seaborne Russian oil. However, rather than achieving its intended goal, the sanctions have inadvertently created a lucrative business for elusive traders and shipping companies.&nbsp;

Bloomberg quoted&nbsp;Eddie Fishman, a senior research scholar at Columbia University’s Centre on Global Energy Policy, as saying that without concerted action, these substandard alternatives to Western services will become a structural feature of the world oil trade. &nbsp;

The unexpected consequence of reshaping the financial architecture of oil and maritime trade raises concerns about environmental risks and the funds potentially flowing back into Kremlin coffers to finance the Ukraine conflict.&nbsp;

Greek diplomacy and regulatory powerlessness &nbsp;

Despite tentative Western efforts to thwart Russia's workarounds, Greece, the world's single largest oil tanker-owning nation, remains a crucial outlier. Greek-owned vessels have carried 20 per cent of all Russia's oil shipments in 2023, primarily due to diplomatic efforts that watered down measures restricting shippers' ability to trade with Russia.&nbsp;

While Spain successfully stamped out similar activities earlier this year, Greece claims powerlessness to prevent clandestine shipping off its coast, as these activities occur in international waters.&nbsp;

Shadow fleet entrenched and growing &nbsp;

The International Maritime Organisation (IMO) has expressed&nbsp;"grave concern" over the shadow fleet's illegal activities, calling for a global clampdown to prevent environmental disasters. The shadow fleet, responsible for moving about 45 per cent of Russia's oil this year, is becoming increasingly entrenched, as per Lars Barstad, CEO of Frontline Limited’s management arm. &nbsp;

The fear is that regulators' inability to act against these covert operations could make them a permanent feature of the global oil trade.&nbsp;

Shadowy traders and obscure affiliations&nbsp;

The sanctions' unintended consequences have seen a shift from dominant forces like Vitol Group, Glencore Plc, and Trafigura Group to an army of smaller, difficult-to-trace organisations with unclear affiliations. Entities like Bellatrix Energy and Nord Axis Ltd., previously unknown, have emerged and now handle a significant portion of Russian oil shipments. &nbsp;

The lack of transparency has raised concerns about the environmental and financial risks associated with these obscure traders and their involvement in the oil trade.&nbsp;

US and allies' response and the unanswered question &nbsp;

Amid increasing concerns, the US Treasury has sanctioned oil tankers and expressed a desire to push up costs for Russia. President Joe Biden's energy security adviser, Amos Hochstein, said&nbsp;that the US Treasury and others are taking measures to ensure Moscow's profits from the oil trade fall. &nbsp;

However, the ultimate question remains: Do the US and its allies truly want to curtail Russian oil flows, considering the potential impact on global fuel prices in an election year? &nbsp;

The possibility of Moscow employing workarounds, from the shadow fleet to manipulating Western service providers, suggests a complex challenge for policymakers.&nbsp;

(With inputs from Bloomberg)&nbsp;

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia. According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year.

In a shocking revelation, Greece emerges as an unexpected hub for covert oil trading activities, defying Western sanctions against Russia. According to Bloomberg, two aging oil tankers, the Turba and Simba, were recently caught on camera engaging in suspicious ship-to-ship fuel transfers off the Greek coast, these vessels, sailing under a flag deemed "very high risk", are part of a vast shadow fleet responsible for handling approximately 45 per cent of Russia's oil shipments this year. The Greek-owned vessels, operating under the $60 per barrel price cap imposed by sanctions, handled more of Moscow's oil than those of any other individual country except Russia itself. Sanctions intended to constrain, but profits escalate The Western sanctions, designed to cut funding for Russia's military assault on Ukraine, included a $60 per barrel price cap for seaborne Russian oil. However, rather than achieving its intended goal, the sanctions have inadvertently created a lucrative business for elusive traders and shipping companies. Bloomberg quoted Eddie Fishman, a senior research scholar at Columbia University’s Centre on Global Energy Policy, as saying that without concerted action, these substandard alternatives to Western services will become a structural feature of the world oil trade. The unexpected consequence of reshaping the financial architecture of oil and maritime trade raises concerns about environmental risks and the funds potentially flowing back into Kremlin coffers to finance the Ukraine conflict. Greek diplomacy and regulatory powerlessness Despite tentative Western efforts to thwart Russia's workarounds, Greece, the world's single largest oil tanker-owning nation, remains a crucial outlier. Greek-owned vessels have carried 20 per cent of all Russia's oil shipments in 2023, primarily due to diplomatic efforts that watered down measures restricting shippers' ability to trade with Russia. While Spain successfully stamped out similar activities earlier this year, Greece claims powerlessness to prevent clandestine shipping off its coast, as these activities occur in international waters. Shadow fleet entrenched and growing The International Maritime Organisation (IMO) has expressed "grave concern" over the shadow fleet's illegal activities, calling for a global clampdown to prevent environmental disasters. The shadow fleet, responsible for moving about 45 per cent of Russia's oil this year, is becoming increasingly entrenched, as per Lars Barstad, CEO of Frontline Limited’s management arm. The fear is that regulators' inability to act against these covert operations could make them a permanent feature of the global oil trade. Shadowy traders and obscure affiliations The sanctions' unintended consequences have seen a shift from dominant forces like Vitol Group, Glencore Plc, and Trafigura Group to an army of smaller, difficult-to-trace organisations with unclear affiliations. Entities like Bellatrix Energy and Nord Axis Ltd., previously unknown, have emerged and now handle a significant portion of Russian oil shipments. The lack of transparency has raised concerns about the environmental and financial risks associated with these obscure traders and their involvement in the oil trade. US and allies' response and the unanswered question Amid increasing concerns, the US Treasury has sanctioned oil tankers and expressed a desire to push up costs for Russia. President Joe Biden's energy security adviser, Amos Hochstein, said that the US Treasury and others are taking measures to ensure Moscow's profits from the oil trade fall. However, the ultimate question remains: Do the US and its allies truly want to curtail Russian oil flows, considering the potential impact on global fuel prices in an election year? The possibility of Moscow employing workarounds, from the shadow fleet to manipulating Western service providers, suggests a complex challenge for policymakers. (With inputs from Bloomberg) WATCH WION LIVE HERE

Decoding Russia's $11 bn end run around Western oil sanctions

Japanese Prime Minister Shinzo Abe warned of unintended clashes in the crisis-hit Middle East after meeting the <a href="https://www.wionews.com/world/iran-president-expects-positive-change-if-us-ends-economic-war-226665">Iranian president in Tehran</a> on Wednesday, amid a brewing confrontation between Iran and the United States.

As a US ally that also has good<a href="https://www.wionews.com/world/iran-to-ask-japans-abe-to-mediate-over-us-oil-sanctions-officials-226578"> diplomatic relations with Iran</a>, Japan could be in a unique position to mediate between the Islamic Republic and the United States.&nbsp;

"Armed conflict needs to be prevented at all costs. Peace and stability in the Middle East is indispensable not only for this region but for global prosperity. No one is hoping for war," the Japanese leader said.

"We would like to play the maximum role we can for easing tension. That is what brought me to Iran," said Abe, whose two-day visit is the first by a Japanese leader to Iran since its 1979 Islamic Revolution.&nbsp;

While Abe did not mention Japan`s currently suspended purchases of Iranian oil, Iranian President Hassan Rouhani said that Japan wants to keep buying Iranian oil.&nbsp;

"In our meeting, Mr. Abe said that Japan was interested in continuing buying Iran`s oil," Rouhani told a joint news conference with Abe, broadcast live on state TV.&nbsp;

Earlier, two Iranian officials told Reuters that Tehran would ask Tokyo to mediate between it and Washington to ease oil sanctions on Iran. "America should either lift the unjust oil sanctions or extend the waivers or suspend them," one senior official said.

To slash Iran`s oil exports, Washington has revoked waivers since May that had allowed some countries, including Japan, to continue buying Iranian crude and has effectively ordered countries to stop purchasing Iranian oil or face sanctions of their own.

Despite pushing for imports to continue, Japan has stopped importing oil from Iran for now to avoid U.S. sanctions.

On a visit to Japan last month, U.S. President Donald Trump welcomed Abe`s help in dealing with Iran, highlighting what he called the "very good relationship" between Tokyo and Tehran.

Strains between Washington and Tehran have sharply increased in recent weeks, a year after the United States abandoned a 2015 nuclear agreement between Iran and world powers to curb Tehran’s nuclear programme in exchange for the lifting of sanctions.

"Iran will remain committed to the deal, which is important for the security of the region and the world. Tehran and Tokyo both oppose nuclear weapons," said Rouhani.

Trump cranks up pressure on Iran

Washington, calling the nuclear deal flawed and seeking to push Iran into new negotiations, intensified sanctions from the start of May, ordering all countries and firms to halt imports of Iranian oil or be banished from the global financial system.

It has also dispatched extra armed forces to the region to counter what it describes as Iranian threats.

Iran has warned against any military aggression.

"Iran will never initiate a war but will give a crushing response to any aggression," Rouhani said.

"The source of tensions is America`s staged economic war against Iran. As soon as this war ends, we shall see a very positive development in the region and in the world."

Abe has talked to US regional allies like Israel`s Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman, who have supported Trump`s Iran policy.

Iran said in May that after 60 days it would resume its enrichment of uranium beyond the low fissile purity - suitable for civilian nuclear power generation - allowed under the deal, unless other powers stuck to their commitments under the 2015 nuclear deal.&nbsp;

European parties the deal have promised to help Iran find other ways to trade, although with no success so far.&nbsp;

Japan wants to do as much as possible towards peace and stability in the Middle East," Abe said in Tokyo ahead of his departure, according to Iranian TV.

But just hours before Abe`s visit to Iran, Yemen`s Iran-backed Houthi rebels carried out a missile attack on a civilian airport in southern Saudi Arabia which wounded 26 people.

The Western-backed, Sunni Muslim alliance that has been battling the Houthis in Yemen said the attack was proof of Tehran`s support for what it called cross-border terrorism.

Abe will also meet the Islamic Republic`s top authority, Supreme Leader Ayatollah Ali Khamenei.

Japanese Prime Minister Shinzo Abe warned of unintended clashes in the crisis-hit Middle East after meeting the Iranian president in Tehran on Wednesday, amid a brewing confrontation between Iran and the United States.

Japanese Prime Minister Shinzo Abe warned of unintended clashes in the crisis-hit Middle East after meeting the Iranian president in Tehran on Wednesday, amid a brewing confrontation between Iran and the United States. As a US ally that also has good diplomatic relations with Iran, Japan could be in a unique position to mediate between the Islamic Republic and the United States. "Armed conflict needs to be prevented at all costs. Peace and stability in the Middle East is indispensable not only for this region but for global prosperity. No one is hoping for war," the Japanese leader said. "We would like to play the maximum role we can for easing tension. That is what brought me to Iran," said Abe, whose two-day visit is the first by a Japanese leader to Iran since its 1979 Islamic Revolution. While Abe did not mention Japan`s currently suspended purchases of Iranian oil, Iranian President Hassan Rouhani said that Japan wants to keep buying Iranian oil. "In our meeting, Mr. Abe said that Japan was interested in continuing buying Iran`s oil," Rouhani told a joint news conference with Abe, broadcast live on state TV. Earlier, two Iranian officials told Reuters that Tehran would ask Tokyo to mediate between it and Washington to ease oil sanctions on Iran. "America should either lift the unjust oil sanctions or extend the waivers or suspend them," one senior official said. To slash Iran`s oil exports, Washington has revoked waivers since May that had allowed some countries, including Japan, to continue buying Iranian crude and has effectively ordered countries to stop purchasing Iranian oil or face sanctions of their own. Despite pushing for imports to continue, Japan has stopped importing oil from Iran for now to avoid U.S. sanctions. On a visit to Japan last month, U.S. President Donald Trump welcomed Abe`s help in dealing with Iran, highlighting what he called the "very good relationship" between Tokyo and Tehran. Strains between Washington and Tehran have sharply increased in recent weeks, a year after the United States abandoned a 2015 nuclear agreement between Iran and world powers to curb Tehran’s nuclear programme in exchange for the lifting of sanctions. "Iran will remain committed to the deal, which is important for the security of the region and the world. Tehran and Tokyo both oppose nuclear weapons," said Rouhani. Trump cranks up pressure on Iran Washington, calling the nuclear deal flawed and seeking to push Iran into new negotiations, intensified sanctions from the start of May, ordering all countries and firms to halt imports of Iranian oil or be banished from the global financial system. It has also dispatched extra armed forces to the region to counter what it describes as Iranian threats. Iran has warned against any military aggression. "Iran will never initiate a war but will give a crushing response to any aggression," Rouhani said. "The source of tensions is America`s staged economic war against Iran. As soon as this war ends, we shall see a very positive development in the region and in the world." Abe has talked to US regional allies like Israel`s Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman, who have supported Trump`s Iran policy. Iran said in May that after 60 days it would resume its enrichment of uranium beyond the low fissile purity - suitable for civilian nuclear power generation - allowed under the deal, unless other powers stuck to their commitments under the 2015 nuclear deal. European parties the deal have promised to help Iran find other ways to trade, although with no success so far. Japan wants to do as much as possible towards peace and stability in the Middle East," Abe said in Tokyo ahead of his departure, according to Iranian TV. But just hours before Abe`s visit to Iran, Yemen`s Iran-backed Houthi rebels carried out a missile attack on a civilian airport in southern Saudi Arabia which wounded 26 people. The Western-backed, Sunni Muslim alliance that has been battling the Houthis in Yemen said the attack was proof of Tehran`s support for what it called cross-border terrorism. Abe will also meet the Islamic Republic`s top authority, Supreme Leader Ayatollah Ali Khamenei.

Japan's Abe warns of unintended armed conflict amid soaring US-Iran tension

Iranian President Hassan Rouhani on Monday said that the European Union should resist the "<a href="https://www.wionews.com/world/iran-warns-over-economic-war-waged-through-us-sanctions-226075">economic terrorism</a>" committed by the United States against Iran and fulfill its obligation under the 2015 nuclear deal.

The US withdrawal from the JCPOA has had nothing, but the adverse impact on the interaction among the countries and regional stability. If EU states maintain that JCPOA benefits Iran and EU ties as well as regional stability and peace, it should take practical steps to save the deal," IRNA quoted Rouhani as saying.

He made the comments during a meeting with German Foreign Minister Heiko Maas in Tehran.

Accusing the US of breaching the nuclear agreement, Rouhani said that Washington launched "terrorist actions" in the reaction and added that the EU did not have any "responsible reactions" from their side.

"The US is moving on track of economic terrorism with its oppressive sanctions," he said.

Denying US' claims that Iran is planning to build nuclear bombs, Rouhani said that International Atomic Energy Agency (IAEA) verified Tehran's compliance with the deal in 15 reports.

The Iranian President asserted that his country took steps in ensuring stability in the region and is fighting against terror in countries including Afghanistan, Iraq and Syria.

On the other hand, Maas talked about the escalation of tensions in the Middle East saying, "We and the EU are seeking to reduce tensions in the region and will spare no effort in this respect."

Disregarding the US' withdrawal from the nuclear deal, Maas noted that Germany is against Washington's policies and Berlin is trying to save the agreement by cooperating with EU states particularly France and the UK.

Ties between the US and Iran soured after Washington pulled out of the 2015 nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) last year.

Following this, the US slapped a multitude of sanctions on Iran, citing the latter's support to state-sponsored terrorism and conflicts.

The historic 2015 deal between Iran and world powers including the EU and the US, offered sanctions relief to Iran for scaling back its nuclear programme.

The US has remained rooted to its stand, saying it would continue to "impose maximum pressure" against Iran till the regime gives up its "destabilising ambitions" of expanding its nuclear programme.

Washington also recently announced that no fresh sanction waivers will be issued for Iranian oil imports to eight countries, including India.&nbsp;

Iranian President Hassan Rouhani on Monday said that the European Union should resist the "economic terrorism" committed by the United States against Iran and fulfill its obligation under the 2015 nuclear deal.

Iranian President Hassan Rouhani on Monday said that the European Union should resist the "economic terrorism" committed by the United States against Iran and fulfill its obligation under the 2015 nuclear deal. The US withdrawal from the JCPOA has had nothing, but the adverse impact on the interaction among the countries and regional stability. If EU states maintain that JCPOA benefits Iran and EU ties as well as regional stability and peace, it should take practical steps to save the deal," IRNA quoted Rouhani as saying. He made the comments during a meeting with German Foreign Minister Heiko Maas in Tehran. Accusing the US of breaching the nuclear agreement, Rouhani said that Washington launched "terrorist actions" in the reaction and added that the EU did not have any "responsible reactions" from their side. "The US is moving on track of economic terrorism with its oppressive sanctions," he said. Denying US' claims that Iran is planning to build nuclear bombs, Rouhani said that International Atomic Energy Agency (IAEA) verified Tehran's compliance with the deal in 15 reports. The Iranian President asserted that his country took steps in ensuring stability in the region and is fighting against terror in countries including Afghanistan, Iraq and Syria. On the other hand, Maas talked about the escalation of tensions in the Middle East saying, "We and the EU are seeking to reduce tensions in the region and will spare no effort in this respect." Disregarding the US' withdrawal from the nuclear deal, Maas noted that Germany is against Washington's policies and Berlin is trying to save the agreement by cooperating with EU states particularly France and the UK. Ties between the US and Iran soured after Washington pulled out of the 2015 nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) last year. Following this, the US slapped a multitude of sanctions on Iran, citing the latter's support to state-sponsored terrorism and conflicts. The historic 2015 deal between Iran and world powers including the EU and the US, offered sanctions relief to Iran for scaling back its nuclear programme. The US has remained rooted to its stand, saying it would continue to "impose maximum pressure" against Iran till the regime gives up its "destabilising ambitions" of expanding its nuclear programme. Washington also recently announced that no fresh sanction waivers will be issued for Iranian oil imports to eight countries, including India.

EU should resist US' economic terrorism against Iran: Hassan Rouhani

Iran said on Sunday that Europe was not in a position to criticise Tehran for its military capabilities, and called on European leaders to normalise economic ties with the Islamic Republic despite US sanctions or face consequences.

President Donald Trump last year withdrew the United States from a nuclear deal with Iran and reimposed sanctions. Trump has condemned a 2015 nuclear deal with world powers, signed by his predecessor Barack Obama, as flawed for not being permanent and for not covering Iran’s ballistic missile programme or its role in conflicts around the Middle East.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/iran-denounces-latest-us-sanctions-targetting-petrochemical-sector-225586">Iran denounces latest US sanctions targetting petrochemical sector</a>

The European signatories to the deal - France, Britain and Germany - share the same concerns as the United States over Iran’s ballistic missile programme and regional activities.

However, they have defended the nuclear accord saying that at least it puts curbs on Iran’s nuclear programme and can be the basis for future talks. 
"Europeans are not in a position to criticise Iran for issues outside the JCPOA," Zarif was quoted as saying by the state broadcaster, using the acronym for the nuclear deal.

"The Europeans and other signatories of the JCPOA should normalise economic ties with Iran... We will halt our commitments or will take action in accordance to their measures."

Iran last month stopped some commitments under the nuclear deal and warned that in 60 days it would scale back more commitments if Europeans fail to shield it against the US sanctions.

German Foreign Minister Heiko Maas will visit Iran this week, during which he will explore options for preserving the fraying nuclear non-proliferation pact.

Iranian parliament speaker Ali Larijani on Sunday also criticised French President Emmanuel Macron for saying last week in a meeting with Trump that they shared the same objectives on Iran.&nbsp;

Macron said France wanted to make sure Tehran will not get nuclear weapons: "We had an accord until 2025 and we want to go further and have full certainty in the long run... (Then) reduce ballistic activity and contain Iran regionally."

"The recent remarks by the French president in a meeting with Trump were shameful and inept," Larijani was quoted as saying by Fars news agency.&nbsp; 
"Macron`s comments did not match what he has been telling our president, Mr (Hassan) Rouhani, in their meetings and on the phone."&nbsp;

Iran insists its nuclear activities are entirely peaceful, and has repeatedly refused to discuss its missile programme.&nbsp;

Iran said on Sunday that Europe was not in a position to criticise Tehran for its military capabilities, and called on European leaders to normalise economic ties with the Islamic Republic despite US sanctions or face consequences.

Iran said on Sunday that Europe was not in a position to criticise Tehran for its military capabilities, and called on European leaders to normalise economic ties with the Islamic Republic despite US sanctions or face consequences. President Donald Trump last year withdrew the United States from a nuclear deal with Iran and reimposed sanctions. Trump has condemned a 2015 nuclear deal with world powers, signed by his predecessor Barack Obama, as flawed for not being permanent and for not covering Iran’s ballistic missile programme or its role in conflicts around the Middle East. Also read: Iran denounces latest US sanctions targetting petrochemical sector The European signatories to the deal - France, Britain and Germany - share the same concerns as the United States over Iran’s ballistic missile programme and regional activities. However, they have defended the nuclear accord saying that at least it puts curbs on Iran’s nuclear programme and can be the basis for future talks. "Europeans are not in a position to criticise Iran for issues outside the JCPOA," Zarif was quoted as saying by the state broadcaster, using the acronym for the nuclear deal. "The Europeans and other signatories of the JCPOA should normalise economic ties with Iran... We will halt our commitments or will take action in accordance to their measures." Iran last month stopped some commitments under the nuclear deal and warned that in 60 days it would scale back more commitments if Europeans fail to shield it against the US sanctions. German Foreign Minister Heiko Maas will visit Iran this week, during which he will explore options for preserving the fraying nuclear non-proliferation pact. Iranian parliament speaker Ali Larijani on Sunday also criticised French President Emmanuel Macron for saying last week in a meeting with Trump that they shared the same objectives on Iran. Macron said France wanted to make sure Tehran will not get nuclear weapons: "We had an accord until 2025 and we want to go further and have full certainty in the long run... (Then) reduce ballistic activity and contain Iran regionally." "The recent remarks by the French president in a meeting with Trump were shameful and inept," Larijani was quoted as saying by Fars news agency. "Macron`s comments did not match what he has been telling our president, Mr (Hassan) Rouhani, in their meetings and on the phone." Iran insists its nuclear activities are entirely peaceful, and has repeatedly refused to discuss its missile programme.

Iran urges Europe to normalise economic ties with it or face consequences

Sharpening its attack, Iran on Saturday slammed the United States for its decision to impose fresh <a href="https://www.wionews.com/world/us-hits-iran-petrochemical-group-pgpic-with-sanctions-225322">sanctions on the country`s largest petrochemical group</a>, calling it a violation of "principles of international law."

"Only week-long patience proved the US president`s void assertion that he was willing to hold talks with Iran," Anadolu News Agency quoted Foreign Ministry spokesperson Abbas Mousavi citing state-run IRNA.

"These measures are in contrast with principles of international law and the international commitments of the US administration," he said.

On Friday, the US slapped sanctions on Persian Gulf Petrochemical Industries Company (PGPIC) for allegedly indirectly supporting Islamic Revolutionary Guard Corps (IRGC), as part of Washington`s "maximum pressure" campaign against Tehran.

"By targeting this network we intend to deny funding to key elements of Iran`s petrochemical sector that provide support to the IRGC. This action is a warning that we will continue to target holding groups and companies in the petrochemical sector and elsewhere that provide financial lifelines to the IRGC," Treasury Secretary Steven T. Mnuchin had said in a statement.

Responding to the US` move, Mousavi urged the countries to protest against Washington`s "violation of principles of international law and not to let destroy the achievements of the international community and the principle of multilateralism be ignored due to US` bullying and unilateral acts".

Ties between the US and Iran soured after Washington pulled out of the 2015 nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) last year.

Following this, the US slapped a multitude of sanctions on Iran, citing the latter`s support to state-sponsored terrorism and conflicts.

The historic 2015 deal between Iran and world powers including the European Union and the US, offered sanctions relief to Iran for scaling back its nuclear programme.

The US has remained rooted to its stand, saying it would continue to "impose maximum pressure" against Iran till the regime gives up its "destabilising ambitions" of expanding its nuclear programme.

Washington also recently announced that no fresh sanction waivers will be issued for Iranian oil imports to eight countries, including India.

Sharpening its attack, Iran on Saturday slammed the United States for its decision to impose fresh sanctions on the country`s largest petrochemical group, calling it a violation of "principles of international law.

Sharpening its attack, Iran on Saturday slammed the United States for its decision to impose fresh sanctions on the country`s largest petrochemical group, calling it a violation of "principles of international law." "Only week-long patience proved the US president`s void assertion that he was willing to hold talks with Iran," Anadolu News Agency quoted Foreign Ministry spokesperson Abbas Mousavi citing state-run IRNA. "These measures are in contrast with principles of international law and the international commitments of the US administration," he said. On Friday, the US slapped sanctions on Persian Gulf Petrochemical Industries Company (PGPIC) for allegedly indirectly supporting Islamic Revolutionary Guard Corps (IRGC), as part of Washington`s "maximum pressure" campaign against Tehran. "By targeting this network we intend to deny funding to key elements of Iran`s petrochemical sector that provide support to the IRGC. This action is a warning that we will continue to target holding groups and companies in the petrochemical sector and elsewhere that provide financial lifelines to the IRGC," Treasury Secretary Steven T. Mnuchin had said in a statement. Responding to the US` move, Mousavi urged the countries to protest against Washington`s "violation of principles of international law and not to let destroy the achievements of the international community and the principle of multilateralism be ignored due to US` bullying and unilateral acts". Ties between the US and Iran soured after Washington pulled out of the 2015 nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) last year. Following this, the US slapped a multitude of sanctions on Iran, citing the latter`s support to state-sponsored terrorism and conflicts. The historic 2015 deal between Iran and world powers including the European Union and the US, offered sanctions relief to Iran for scaling back its nuclear programme. The US has remained rooted to its stand, saying it would continue to "impose maximum pressure" against Iran till the regime gives up its "destabilising ambitions" of expanding its nuclear programme. Washington also recently announced that no fresh sanction waivers will be issued for Iranian oil imports to eight countries, including India.

Iran denounces latest US sanctions targetting petrochemical sector

US sanctions came into effect Sunday to block Venezuela's economic lifeline of oil exports, in what Washington hopes will be a major blow in its fledgeling campaign to topple leftist <a href="https://www.wionews.com/world/pompeo-in-peru-to-maintain-regional-pressure-on-venezuelas-maduro-210223">President Nicolas Maduro</a>.

As of 12:01 am Washington time, the United States will take action against anyone who deals with state-owned Petroleos de Venezuela, or PDVSA, or any entity in which the company holds at least a 50 per cent stake.

It is among a volley of steps by President Donald Trump's administration to oust Maduro and install opposition leader Juan Guaido, who is recognized by more than 50 countries, including most in Latin America.

Just Friday, the Trump administration said it would block any US assets of Foreign Minister Jorge Arreaza, confirming it has no desire to negotiate with Maduro, a socialist firebrand who presides over a crumbling economy but has withstood three months of intense pressure.

Until the crisis, Venezuela exported 500,00 barrels a day to the United States, its largest customer, with PDVSA omnipresent, if not highly visible, through ownership of the Citgo refining and gas station chain.

The United States has already moved to put Citgo under the control of Guaido, who appointed his own board.

Even though sanctions legally came into force Sunday, "the reality is that the oil trade between the United States and Venezuela has been absolutely limited and fallen sharply," said Mariano de Alba, a Washington-based international law expert from Venezuela.

But the sanctions will still have an effect, with Washington vowing to enforce them against any foreign company with interactions in the United States -- including the US financial system, which dominates the globe.

As of Sunday, "there is no doubt that the sanctions are in force and that any company assumes bigger risks than they did before this date," de Alba said.

Searching for customers

Energy-hungry India was the third-biggest buyer of Venezuelan oil in 2017 after the United States and China and until recently had been a major source of cash.

But Indian companies have backed off in the face of US sanctions, making China and Russia the crucial economic and political backers of Maduro -- whose re-election last year was widely criticized for irregularities.

The sanctions take effect just as global oil markets are trending higher after the United States similarly demanded that all countries, notably India and China, stop buying oil from Iran.

Oil is the blood of Venezuela's crippled economy, accounting for 96 per cent of exports.

The country nonetheless is facing a major economic crisis, with projections that inflation could soar to a mind-boggling 10 million per cent this year.

Some 2.7 million Venezuelans have fled since 2015 faced with a shortage of basic goods and medicine, according to UN figures.

One immediate problem for Venezuela is not its exports but its imports. It used to rely on 120,000 barrels of light crude each day from the United States to blend with its heavier oil. It will need to turn to other suppliers to sell its own crude, increasing production costs.

US-based consultancy Rapidan Energy Group says PDVSA's production could temporarily fall by 200,000 barrels a day.

It would be a stunning further reduction for PDVSA which pumped 3.2 million a day in 2008, a figure that had nosedived to just 840,000 in March.

&nbsp;Blaming Maduro

The United States has wasted no opportunity to blame Maduro and his late predecessor Hugo Chavez for Venezuela's economic woes -- with Trump also trying to link their socialism to his Democratic foes at home.

Elliott Abrams, the US envoy leading the effort to oust Maduro, promised that "tens of billions of dollars" will flow into Venezuela to rebuild its economy.

"That recovery can only start when there is a fully inclusive government that represents all Venezuelans," Abrams said Thursday.

But a study by two prominent left-leaning US economists, Mark Weisbrot and Jeffrey Sachs, warned that the growing sanctions will "vastly" harm ordinary Venezuelans.

The study, released by the Center for Economic and Policy Research, found that Venezuela recorded more than 40,000 additional deaths between 2017 and 2018 as they blamed sanctions for shortages of food and medicine.

"American sanctions are deliberately aiming to wreck Venezuela's economy and thereby lead to regime change," Sachs said.

"It's a fruitless, heartless, illegal and failed policy, causing grave harm to the Venezuelan people."

US sanctions came into effect Sunday to block Venezuela's economic lifeline of oil exports, in what Washington hopes will be a major blow in its fledgeling campaign to topple leftist President Nicolas Maduro.

US sanctions came into effect Sunday to block Venezuela's economic lifeline of oil exports, in what Washington hopes will be a major blow in its fledgeling campaign to topple leftist President Nicolas Maduro. As of 12:01 am Washington time, the United States will take action against anyone who deals with state-owned Petroleos de Venezuela, or PDVSA, or any entity in which the company holds at least a 50 per cent stake. It is among a volley of steps by President Donald Trump's administration to oust Maduro and install opposition leader Juan Guaido, who is recognized by more than 50 countries, including most in Latin America. Just Friday, the Trump administration said it would block any US assets of Foreign Minister Jorge Arreaza, confirming it has no desire to negotiate with Maduro, a socialist firebrand who presides over a crumbling economy but has withstood three months of intense pressure. Until the crisis, Venezuela exported 500,00 barrels a day to the United States, its largest customer, with PDVSA omnipresent, if not highly visible, through ownership of the Citgo refining and gas station chain. The United States has already moved to put Citgo under the control of Guaido, who appointed his own board. Even though sanctions legally came into force Sunday, "the reality is that the oil trade between the United States and Venezuela has been absolutely limited and fallen sharply," said Mariano de Alba, a Washington-based international law expert from Venezuela. But the sanctions will still have an effect, with Washington vowing to enforce them against any foreign company with interactions in the United States -- including the US financial system, which dominates the globe. As of Sunday, "there is no doubt that the sanctions are in force and that any company assumes bigger risks than they did before this date," de Alba said. Searching for customers Energy-hungry India was the third-biggest buyer of Venezuelan oil in 2017 after the United States and China and until recently had been a major source of cash. But Indian companies have backed off in the face of US sanctions, making China and Russia the crucial economic and political backers of Maduro -- whose re-election last year was widely criticized for irregularities. The sanctions take effect just as global oil markets are trending higher after the United States similarly demanded that all countries, notably India and China, stop buying oil from Iran. Oil is the blood of Venezuela's crippled economy, accounting for 96 per cent of exports. The country nonetheless is facing a major economic crisis, with projections that inflation could soar to a mind-boggling 10 million per cent this year. Some 2.7 million Venezuelans have fled since 2015 faced with a shortage of basic goods and medicine, according to UN figures. One immediate problem for Venezuela is not its exports but its imports. It used to rely on 120,000 barrels of light crude each day from the United States to blend with its heavier oil. It will need to turn to other suppliers to sell its own crude, increasing production costs. US-based consultancy Rapidan Energy Group says PDVSA's production could temporarily fall by 200,000 barrels a day. It would be a stunning further reduction for PDVSA which pumped 3.2 million a day in 2008, a figure that had nosedived to just 840,000 in March. Blaming Maduro The United States has wasted no opportunity to blame Maduro and his late predecessor Hugo Chavez for Venezuela's economic woes -- with Trump also trying to link their socialism to his Democratic foes at home. Elliott Abrams, the US envoy leading the effort to oust Maduro, promised that "tens of billions of dollars" will flow into Venezuela to rebuild its economy. "That recovery can only start when there is a fully inclusive government that represents all Venezuelans," Abrams said Thursday. But a study by two prominent left-leaning US economists, Mark Weisbrot and Jeffrey Sachs, warned that the growing sanctions will "vastly" harm ordinary Venezuelans. The study, released by the Center for Economic and Policy Research, found that Venezuela recorded more than 40,000 additional deaths between 2017 and 2018 as they blamed sanctions for shortages of food and medicine. "American sanctions are deliberately aiming to wreck Venezuela's economy and thereby lead to regime change," Sachs said. "It's a fruitless, heartless, illegal and failed policy, causing grave harm to the Venezuelan people."

US oil sanctions take effect on Venezuela as crisis intensifies

<a href="https://www.wionews.com/south-asia/cctv-footage-shows-suspected-suicide-bombers-behind-shangri-la-hotel-blasts-213232">CCTV footage shows suspected suicide bombers behind Shangri-La hotel blasts</a>

A day after Sri Lankan authorities&nbsp;released CCTV footage of suspected suicidebomber behind the St Sebastian's church blast, a local channel aired surveillance footage purportedly showing two suspected suicide bombers walking through the Shangri-La hotel in Colombo as they denoted the bombs.

<a href="https://www.wionews.com/south-asia/middle-class-and-foreign-educated-face-of-terror-in-sri-lanka-213241">Middle class and foreign educated: Face of terror in Sri Lanka</a>

The Sri Lankan government for the first time given details of the terrorist involved in&nbsp;Sunday's carnage that killed more&nbsp;than 350 people. In all, there were nine suicide bombers, out of which eight died during the bombings while one, blew himself up when was about to be caught.

<a href="https://www.wionews.com/world/us-oil-sanctions-wont-go-without-response-iran-213205">US oil sanctions won't go 'without response': Iran</a>

Iran's supreme leader Ayatollah Ali Khamenei on Wednesday called the end of&nbsp;oil sanction&nbsp;waivers by the United States a "hostile measure" that "won't be left without a response".

<a href="https://www.wionews.com/world/almost-all-saudis-in-mass-execution-were-shia-human-rights-watch-213199">Almost all Saudis in mass execution were Shia minority: Human Rights Watch</a>

At least 33 of the 37 Saudis executed by the kingdom in a single day belonged to the Sunni-dominated country's Shia minority, Human Rights Watch said Wednesday.

<a href="https://www.wionews.com/india-news/arrested-terrorist-is-a-living-proof-provided-to-pakistan-jammu-and-kashmir-police-213247">'I'm from Pakistan and associated with Lashkar; took training in Muzaffarabad,' says terrorist arrested in J&amp;K's Baramulla</a>

Speaking to the media in Srinagar, the Director General of Jammu and Kashmir Police said that the arrested Pak terrorist is a living proof to Pakistan for their involvement in terrorism in Kashmir valley.&nbsp;

CCTV footage shows suspected suicide bombers behind Shangri-La hotel blasts A day after Sri Lankan authorities released CCTV footage of suspected suicidebomber behind the St Sebastian's church blast, a local channel aired surveillance footage purportedly showing two suspected suicide bombers walking through the Shangri-La hotel in Colombo as they denoted the bombs.

CCTV footage shows suspected suicide bombers behind Shangri-La hotel blasts A day after Sri Lankan authorities released CCTV footage of suspected suicidebomber behind the St Sebastian's church blast, a local channel aired surveillance footage purportedly showing two suspected suicide bombers walking through the Shangri-La hotel in Colombo as they denoted the bombs. Middle class and foreign educated: Face of terror in Sri Lanka The Sri Lankan government for the first time given details of the terrorist involved in Sunday's carnage that killed more than 350 people. In all, there were nine suicide bombers, out of which eight died during the bombings while one, blew himself up when was about to be caught. US oil sanctions won't go 'without response': Iran Iran's supreme leader Ayatollah Ali Khamenei on Wednesday called the end of oil sanction waivers by the United States a "hostile measure" that "won't be left without a response". Almost all Saudis in mass execution were Shia minority: Human Rights Watch At least 33 of the 37 Saudis executed by the kingdom in a single day belonged to the Sunni-dominated country's Shia minority, Human Rights Watch said Wednesday. 'I'm from Pakistan and associated with Lashkar; took training in Muzaffarabad,' says terrorist arrested in J&K's Baramulla Speaking to the media in Srinagar, the Director General of Jammu and Kashmir Police said that the arrested Pak terrorist is a living proof to Pakistan for their involvement in terrorism in Kashmir valley.

News brief: Big stories of the day

Iran's supreme leader Ayatollah Ali Khamenei on Wednesday called the end of <a href="https://www.wionews.com/business-economy/oil-dips-on-well-supplied-markets-despite-tighter-iran-sanctions-213127">oil sanction</a> waivers by the United States a "hostile measure" that "won't be left without a response".

"US efforts to boycott the sale of Iran's oil won't get them anywhere. We will export our oil as much as we need and we intend," his official English-language Twitter account said.&nbsp;

"They (the US) wishfully think they have blocked Iran oil sales, but our vigorous nation and vigilant officials, if they work hard, will open many blockades," Khamenei said on Twitter.

"Enemies have repeatedly, in vain, taken action against our great nation, revolution... but they must know Iranians won't give in," he added.

The United States on Monday demanded that <a href="https://www.wionews.com/world/us-to-announce-end-to-sanctions-waivers-for-iran-oil-imports-source-212482">buyers of Iranian oil stop purchases by May 1 or face sanctions</a>, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes.

Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organisation of the Petroleum Exporting Countries at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to tanker data and industry sources.

US President Donald Trump has been clear to his national security team over the last few weeks that he wants the waivers to end, and national security adviser John Bolton has been working the issue within the administration.

The US&nbsp;reimposed sanctions in November on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East.

Along with sanctions, Washington has also granted waivers to eight economies that had reduced their purchases of Iranian oil, allowing them to continue buying it without incurring sanctions for six more months. They were China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.

Iran's supreme leader Ayatollah Ali Khamenei on Wednesday called the end of oil sanction waivers by the United States a "hostile measure" that "won't be left without a response".

Iran's supreme leader Ayatollah Ali Khamenei on Wednesday called the end of oil sanction waivers by the United States a "hostile measure" that "won't be left without a response". "US efforts to boycott the sale of Iran's oil won't get them anywhere. We will export our oil as much as we need and we intend," his official English-language Twitter account said. "They (the US) wishfully think they have blocked Iran oil sales, but our vigorous nation and vigilant officials, if they work hard, will open many blockades," Khamenei said on Twitter. "Enemies have repeatedly, in vain, taken action against our great nation, revolution... but they must know Iranians won't give in," he added. The United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers which allowed Iran's eight biggest buyers, most of them in Asia, to continue importing limited volumes. Before the reimposition of sanctions last year, Iran was the fourth-largest producer among the Organisation of the Petroleum Exporting Countries at around 3 million barrels per day (bpd), but April exports have shrunk to below 1 million bpd, according to tanker data and industry sources. US President Donald Trump has been clear to his national security team over the last few weeks that he wants the waivers to end, and national security adviser John Bolton has been working the issue within the administration. The US reimposed sanctions in November on exports of Iranian oil after Trump unilaterally pulled out of a 2015 nuclear accord between Iran and six world powers. Washington is pressuring Iran to curtail its nuclear program and stop backing militant proxies across the Middle East. Along with sanctions, Washington has also granted waivers to eight economies that had reduced their purchases of Iranian oil, allowing them to continue buying it without incurring sanctions for six more months. They were China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece.

US oil sanctions won't go 'without response': Iran

The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signalling potential new sanctions against the country's vital oil sector as it recognized Venezuela's opposition leader as interim president.

With street protests against Maduro under way across Venezuela, President Donald Trump said the United States recognized Juan Guaido, head of the opposition-controlled National Assembly congress, as the country's leader and called socialist Maduro's government "illegitimate."

In response, Maduro said he was breaking diplomatic relations with the United States and giving US embassy personnel 72 hours to leave Venezuela.

The United States, however, rejected Maduro's move to cut ties, saying it did not think he had the authority to sever ties and it would conduct relations with a government led by Guaido.

A senior US official, speaking on condition of anonymity, warned Maduro and his loyalists that Washington was ready to ramp up oil, gold and other sanctions and take unspecified actions "if they choose to harm any of the National Assembly members or any of the other duly legitimate officials of the government of Venezuela."

Asked whether he was considering US military intervention, Trump told reporters: "We're not considering anything, but all options are on the table."

Venezuelan opposition sympathizers had been urging Guaido to assume the presidency since Maduro was inaugurated for a second term on January 10, following a widely boycotted election last year that many foreign governments characterized as fraudulent.

Formal US recognition of Guaido could be complicated, however, by questions of how to deal with Venezuela's US-based diplomats and who would now control its bank accounts and other US assets, which include Citgo, the US&nbsp;refining arm of Venezuelan state-run oil company PDVSA.

The senior administration official told reporters that Washington now regards Guaido and the National Assembly as the "legitimate decision-makers" in transactions between the United States and Venezuela and that there would be a "whole bunch of consequences," but declined to elaborate.

US recognition of Guaido could backfire if Maduro, who accused the opposition of attempting a coup, used it as a pretext to detain Guaido or other opposition figures.

After Trump's announcement, most major Latin American countries made similar moves recognizing Guaido, and a Canadian official said Ottawa would also follow suit. But leftist-governed Mexico said it continued to recognize Maduro as president.

"@NicolasMaduro has undertaken a fight with the US &amp; international community he has no chance of winning," US Senator Marco Rubio said in a message on Twitter.

Rubio, who led a delegation of Florida lawmakers to discuss Venezuela with fellow Republican Trump on Tuesday, is considered to have played a major role since Trump took office in convincing him to take a tougher stand against Maduro.

NEW OIL SANCTIONS

Multiple sources said the Trump administration could impose new US sanctions on Venezuela's oil industry as soon as this week.

US officials are considering a range of potential measures, including restricting US imports of Venezuelan oil or even a full ban, but no final decisions have been made, two people familiar with the matter told Reuters.

Two other sources briefed on the matter said the Trump administration informed U.S. energy companies of its deliberations.

The decision on whether to go ahead could depend on how harshly Maduro cracks down on protesters and how he responds to Guaido's swearing-in, several of the sources said.

Even then, the administration would likely hold further discussions that could delay any final move, one source said.

The Trump administration has been increasingly frustrated with existing sanctions on Venezuela, which have spared oil exports so far. Targeting oil shipments to the United States could choke off significant revenue to the OPEC member nation.

The United States has held off on broad, oil-related measures, mindful of the potential not only for deepening the hardships of the Venezuelan people but also the risk of causing problems for US companies and consumers.

US refiners such as Valero Energy Corp, Chevron Corp and PBF Energy Inc have had discussions about the possibility of such sanctions with the Trump administration in recent weeks.

Venezuelan crude exports to the United States last year fell 15 per cent to the lowest annual average in nearly three decades, according to Refinitiv Eikon data.

Still, some US refineries have equipment specifically designed for heavy grades of crude like those from Venezuela. They imported about 500,000 barrels per day last year, according to the US Energy Information Administration.

The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signalling potential new sanctions against the country's vital oil sector as it recognized Venezuela's opposition leader as interim president.

The Trump administration ratcheted up pressure on Venezuelan President Nicolas Maduro on Wednesday, signalling potential new sanctions against the country's vital oil sector as it recognized Venezuela's opposition leader as interim president. With street protests against Maduro under way across Venezuela, President Donald Trump said the United States recognized Juan Guaido, head of the opposition-controlled National Assembly congress, as the country's leader and called socialist Maduro's government "illegitimate." In response, Maduro said he was breaking diplomatic relations with the United States and giving US embassy personnel 72 hours to leave Venezuela. The United States, however, rejected Maduro's move to cut ties, saying it did not think he had the authority to sever ties and it would conduct relations with a government led by Guaido. A senior US official, speaking on condition of anonymity, warned Maduro and his loyalists that Washington was ready to ramp up oil, gold and other sanctions and take unspecified actions "if they choose to harm any of the National Assembly members or any of the other duly legitimate officials of the government of Venezuela." Asked whether he was considering US military intervention, Trump told reporters: "We're not considering anything, but all options are on the table." Venezuelan opposition sympathizers had been urging Guaido to assume the presidency since Maduro was inaugurated for a second term on January 10, following a widely boycotted election last year that many foreign governments characterized as fraudulent. Formal US recognition of Guaido could be complicated, however, by questions of how to deal with Venezuela's US-based diplomats and who would now control its bank accounts and other US assets, which include Citgo, the US refining arm of Venezuelan state-run oil company PDVSA. The senior administration official told reporters that Washington now regards Guaido and the National Assembly as the "legitimate decision-makers" in transactions between the United States and Venezuela and that there would be a "whole bunch of consequences," but declined to elaborate. US recognition of Guaido could backfire if Maduro, who accused the opposition of attempting a coup, used it as a pretext to detain Guaido or other opposition figures. After Trump's announcement, most major Latin American countries made similar moves recognizing Guaido, and a Canadian official said Ottawa would also follow suit. But leftist-governed Mexico said it continued to recognize Maduro as president. "@NicolasMaduro has undertaken a fight with the US & international community he has no chance of winning," US Senator Marco Rubio said in a message on Twitter. Rubio, who led a delegation of Florida lawmakers to discuss Venezuela with fellow Republican Trump on Tuesday, is considered to have played a major role since Trump took office in convincing him to take a tougher stand against Maduro. NEW OIL SANCTIONS Multiple sources said the Trump administration could impose new US sanctions on Venezuela's oil industry as soon as this week. US officials are considering a range of potential measures, including restricting US imports of Venezuelan oil or even a full ban, but no final decisions have been made, two people familiar with the matter told Reuters. Two other sources briefed on the matter said the Trump administration informed U.S. energy companies of its deliberations. The decision on whether to go ahead could depend on how harshly Maduro cracks down on protesters and how he responds to Guaido's swearing-in, several of the sources said. Even then, the administration would likely hold further discussions that could delay any final move, one source said. The Trump administration has been increasingly frustrated with existing sanctions on Venezuela, which have spared oil exports so far. Targeting oil shipments to the United States could choke off significant revenue to the OPEC member nation. The United States has held off on broad, oil-related measures, mindful of the potential not only for deepening the hardships of the Venezuelan people but also the risk of causing problems for US companies and consumers. US refiners such as Valero Energy Corp, Chevron Corp and PBF Energy Inc have had discussions about the possibility of such sanctions with the Trump administration in recent weeks. Venezuelan crude exports to the United States last year fell 15 per cent to the lowest annual average in nearly three decades, according to Refinitiv Eikon data. Still, some US refineries have equipment specifically designed for heavy grades of crude like those from Venezuela. They imported about 500,000 barrels per day last year, according to the US Energy Information Administration.

US weighs oil sanctions on Venezuela as it steps up pressure

US Special Representative for Iran Brian Hook said on Saturday Washington was not looking to grant any more waivers for Iranian oil after the reimposition of US sanctions.

Hook told a news conference in the United Arab Emirates capital Abu Dhabi that the reason for the earlier waivers was to prevent a spike in oil prices. He declined to say what the administration in Washington would do when the current waivers end in May.

Washington gave waivers to eight traditional Iranian oil buyers - including China, India, Japan and South Korea -- after reimposing sanctions on Iranian oil in November.

US Special Representative for Iran Brian Hook said on Saturday Washington was not looking to grant any more waivers for Iranian oil after the reimposition of US sanctions.

US Special Representative for Iran Brian Hook said on Saturday Washington was not looking to grant any more waivers for Iranian oil after the reimposition of US sanctions. Hook told a news conference in the United Arab Emirates capital Abu Dhabi that the reason for the earlier waivers was to prevent a spike in oil prices. He declined to say what the administration in Washington would do when the current waivers end in May. Washington gave waivers to eight traditional Iranian oil buyers - including China, India, Japan and South Korea -- after reimposing sanctions on Iranian oil in November.

US official says not to grant more waivers on Iran oil sanctions

The United States on Monday re-imposed sanctions against Iran's oil exports to punish Tehran for its involvement in several Middle Eastern conflicts.

Washington had been pushing governments to cut imports of Iranian oil to zero. But, fearing a price spike, it granted Iran's biggest buyers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - sanctions waivers.

That will allow the eight, which account for about 75 per cent of all Iran's oil exports, according to trade data, to import at least some oil for another 180 days.

Washington and the recipients of the waivers have not disclosed how much oil they are allowed to import, or under what conditions deals can still be made.

Analysts have estimated the overall volumes allowed under the waivers at between 700,000 and 1.7 million barrels per day (bpd) compared with a peak of around 3 million bpd in Iranian crude and condensate exports in mid-2018.

JP Morgan said "the lack or difficulty in acquiring shipping insurance will help in reducing exports quickly as they did during last international sanctions."

The US bank also said "payments for the oil by the exempt countries must go into escrow accounts in their local currency" and that this "means the money won't directly go to Iran and it can only be used to buy certain non-sanctioned goods from its crude export customers."

Once the waivers expire after 180 days, new waivers are expected to be issued, with a source in China saying his country would likely receive another six months of exemptions, though at a lower rate of around 220,000 bpd.

The United States on Monday re-imposed sanctions against Iran's oil exports to punish Tehran for its involvement in several Middle Eastern conflicts. Washington had been pushing governments to cut imports of Iranian oil to zero.

The United States on Monday re-imposed sanctions against Iran's oil exports to punish Tehran for its involvement in several Middle Eastern conflicts. Washington had been pushing governments to cut imports of Iranian oil to zero. But, fearing a price spike, it granted Iran's biggest buyers - China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey - sanctions waivers. That will allow the eight, which account for about 75 per cent of all Iran's oil exports, according to trade data, to import at least some oil for another 180 days. Washington and the recipients of the waivers have not disclosed how much oil they are allowed to import, or under what conditions deals can still be made. Analysts have estimated the overall volumes allowed under the waivers at between 700,000 and 1.7 million barrels per day (bpd) compared with a peak of around 3 million bpd in Iranian crude and condensate exports in mid-2018. JP Morgan said "the lack or difficulty in acquiring shipping insurance will help in reducing exports quickly as they did during last international sanctions." The US bank also said "payments for the oil by the exempt countries must go into escrow accounts in their local currency" and that this "means the money won't directly go to Iran and it can only be used to buy certain non-sanctioned goods from its crude export customers." Once the waivers expire after 180 days, new waivers are expected to be issued, with a source in China saying his country would likely receive another six months of exemptions, though at a lower rate of around 220,000 bpd.

The knowns and unknowns of US Iran oil sanction waivers

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

The administration withdrew from a deal over Tehran's nuclear programme in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile programme. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.

The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity.

It was the first time a US official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran.

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White House National Security Adviser John Bolton said on Thursday that the administration's objective was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero." He added that the administration would not necessarily achieve that.

The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis," the official said.

The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration's push to get countries to stop their purchases.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a US government official said on Friday. The administration withdrew from a deal over Tehran's nuclear programme in May and is unilaterally reimposing sanctions on Iran's crude oil consumers on November 4. The sanctions aim to force Tehran to stop its involvement in conflicts in Syria and Iraq and halt its ballistic missile programme. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States. The administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions, said a government official, who spoke on the condition of anonymity. It was the first time a US official said the administration was in the process of considering waivers. Secretary of State Mike Pompeo said in India last month that the administration would consider waivers and that some buyers of Iranian oil would take a "little bit of time" to unwind their trade with Iran. × White House National Security Adviser John Bolton said on Thursday that the administration's objective was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero." He added that the administration would not necessarily achieve that. The administration is "prepared to work with countries that are reducing their imports on a case-by-case basis," the official said. The comments followed news that India, Iran's No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration's push to get countries to stop their purchases.

US govt actively considering waivers on Iran oil sanctions

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