The United States should bear responsibility for the consequences of its <a href="http://www.wionews.com/world/us-goes-after-venezuelas-oil-to-hit-maduro-193555">sanctions on Venezuela</a>, China said on Tuesday, after Washington imposed sweeping restrictions on Venezuelan state-owned oil firm PDVSA.

The latest US sanctions announced on Monday appear to be aimed at pressuring President Nicolas Maduro to step down and to build on the momentum that has mounted in recent weeks against him at home and abroad.

Juan Guaido, the Venezuelan opposition leader who proclaimed himself interim president last week with US backing, and who is supported by most Western countries, says Maduro stole his re-election and must resign to allow new, fair polls.

China has said it opposes unilateral sanctions.

Foreign Ministry spokesman Geng Shuang said historical experience showed foreign interference "only makes situations more complicated".

"The relevant country's sanctions on Venezuela will lead to the deterioration of conditions of people's lives," Geng told a regular news briefing in Beijing, referring to the United States.

"They should bear responsibility for the serious consequences from this," he said.

China has lent more than $50 billion to Venezuela through oil-for-loan agreements over the past decade, securing energy supplies for its fast-growing economy.

But the financing dried up as the South American country's economy began spiralling downward in 2015, pressured by plummeting oil prices.

The Trump administration had long held off targeting Venezuela's oil sector for fear that it would hurt US refiners and raise oil prices for Americans. White House officials had also expressed concern about inflicting further hardship on the Venezuelan people.

The United States should bear responsibility for the consequences of its sanctions on Venezuela, China said on Tuesday, after Washington imposed sweeping restrictions on Venezuelan state-owned oil firm PDVSA.

The United States should bear responsibility for the consequences of its sanctions on Venezuela, China said on Tuesday, after Washington imposed sweeping restrictions on Venezuelan state-owned oil firm PDVSA. The latest US sanctions announced on Monday appear to be aimed at pressuring President Nicolas Maduro to step down and to build on the momentum that has mounted in recent weeks against him at home and abroad. Juan Guaido, the Venezuelan opposition leader who proclaimed himself interim president last week with US backing, and who is supported by most Western countries, says Maduro stole his re-election and must resign to allow new, fair polls. China has said it opposes unilateral sanctions. Foreign Ministry spokesman Geng Shuang said historical experience showed foreign interference "only makes situations more complicated". "The relevant country's sanctions on Venezuela will lead to the deterioration of conditions of people's lives," Geng told a regular news briefing in Beijing, referring to the United States. "They should bear responsibility for the serious consequences from this," he said. China has lent more than $50 billion to Venezuela through oil-for-loan agreements over the past decade, securing energy supplies for its fast-growing economy. But the financing dried up as the South American country's economy began spiralling downward in 2015, pressured by plummeting oil prices. The Trump administration had long held off targeting Venezuela's oil sector for fear that it would hurt US refiners and raise oil prices for Americans. White House officials had also expressed concern about inflicting further hardship on the Venezuelan people.

US should bear consequences of Venezuela sanctions: China

Cambodia renewed calls for arrest of veteran <a href="http://www.wionews.com/world/one-party-rule-terrible-setback-for-cambodia-opposition-chief-156171">opposition chief Sam Rainsy</a> on Monday amid the threat of sanctions by the European Union, its biggest garment export market worth billions of euros a year, over human rights concerns.

Sam Rainsy's opposition Cambodia National Rescue Party (CNRP) was dissolved by the Supreme Court in 2017 and 118 CNRP members were banned from politics ahead of the 2018 general election.

Long-time Prime Minister Hun Sen won every seat in the July vote and the European Union warned that it would strip Cambodia of its "Everything but Arms" duty-free trading access.

Hun Sen this month threatened to retaliate against the opposition if the European Union withdrew duty-free trading access.

Sam Rainsy, who lives in France where he fled in 2015 after a conviction for defamation, has said that he will return to Cambodia sometime this year.

Two arrest warrants for Sam Rainsy from 2015 were republished in a messaging app Telegram for public officials on Monday for defamation and using false public documents and incitement to cause social instability.

A spokesman for the ruling Cambodian People's Party (CPP) warned that a third party might kill Sam Rainsy and blame the government if he returns.

"If convict Sam Rainsy dares to enter Cambodia, there may be a third party shooting to kill convict Sam Rainsy and put the blame on the royal government of Cambodia," Sok Eysan told Reuters.

Sam Rainsy didn't respond to a request for comment. He has said in the past that the convictions are politically motivated.

Cambodian businesses and unions urged the European Union last week not to withdraw trade preferences, saying such a decision would pose serious economic damage and harm millions of workers and their families, especially rural women.

Cambodia renewed calls for arrest of veteran opposition chief Sam Rainsy on Monday amid the threat of sanctions by the European Union, its biggest garment export market worth billions of euros a year, over human rights concerns.

Cambodia renewed calls for arrest of veteran opposition chief Sam Rainsy on Monday amid the threat of sanctions by the European Union, its biggest garment export market worth billions of euros a year, over human rights concerns. Sam Rainsy's opposition Cambodia National Rescue Party (CNRP) was dissolved by the Supreme Court in 2017 and 118 CNRP members were banned from politics ahead of the 2018 general election. Long-time Prime Minister Hun Sen won every seat in the July vote and the European Union warned that it would strip Cambodia of its "Everything but Arms" duty-free trading access. Hun Sen this month threatened to retaliate against the opposition if the European Union withdrew duty-free trading access. Sam Rainsy, who lives in France where he fled in 2015 after a conviction for defamation, has said that he will return to Cambodia sometime this year. Two arrest warrants for Sam Rainsy from 2015 were republished in a messaging app Telegram for public officials on Monday for defamation and using false public documents and incitement to cause social instability. A spokesman for the ruling Cambodian People's Party (CPP) warned that a third party might kill Sam Rainsy and blame the government if he returns. "If convict Sam Rainsy dares to enter Cambodia, there may be a third party shooting to kill convict Sam Rainsy and put the blame on the royal government of Cambodia," Sok Eysan told Reuters. Sam Rainsy didn't respond to a request for comment. He has said in the past that the convictions are politically motivated. Cambodian businesses and unions urged the European Union last week not to withdraw trade preferences, saying such a decision would pose serious economic damage and harm millions of workers and their families, especially rural women.

Cambodia seeks opposition leader's arrest amid EU sanctions threat

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months.

Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent.

Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze.

On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect.

"Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement.

DISPUTED DECISION

The decision to lift the sanctions, imposed by the US&nbsp;Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions.

Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo.

Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies.

Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies.

But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control.

That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions.

It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements.

Deripaska himself remains subject to US sanctions.

CHANGES IN RUSAL, En+

After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions.

Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors.

"The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement.

These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said.

In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+.

Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao.

They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked.

Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them. The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months. Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent. Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze. On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect. "Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement. DISPUTED DECISION The decision to lift the sanctions, imposed by the US Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions. Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo. Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies. Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies. But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control. That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions. It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements. Deripaska himself remains subject to US sanctions. CHANGES IN RUSAL, En+ After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions. Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors. "The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement. These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said. In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+. Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao. They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked. Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

Rusal shares soar, aluminium falls as US lifts sanctions

As Donald Trump seeks progress with North Korea at a second summit, the United States has a series of cards it can play including easing sanctions, signing a peace declaration or even pulling troops from South Korea.

After the historic handshake between the US president and North Korean leader Kim Jong Un in Singapore in June, Washington policymakers are adamant on the need for tangible concessions by Pyongyang on its nuclear program at the sequel meeting, which Trump says will take place around late February, with Vietnam the most likely venue.

But much depends on the mercurial Trump, who has declared his outreach to the longtime US adversary to be a diplomatic coup and angrily denounced criticism that his first summit was mere symbolism.

North Korea watchers believe that Kim's primary goal is relief from international sanctions and doubt he will suddenly give up his nuclear arsenal, which his dynastic regime has built for decades even through famine.

The sanctions "are not strong enough to create serious economic problems in the country, but they are strong enough to make economic growth difficult or unachievable," said Andrei Lankov, a professor at Kookmin University in Seoul who studied in Pyongyang.

"In order to maintain stability in the country and to stay in power, the North Koreans know they will have to end or at least narrow the yawning gap between their economy and the economies of the neighbouring countries, especially South Korea and China," he said.

Complicated options on sanctions

When Kim met Trump, the first-ever summit between the two nations, North Korea was seen as seeking a treaty or at least statement formally ending the 1950-53 Korean War, which ended in an armistice.

But Victor Cha, the director of Asian studies at Georgetown University and former US negotiator with North Korea, said a peace declaration was ultimately symbolic.

"I don't think they would say no to it. A peace declaration would be a sign of non-hostile intent. But they want tangible evidence of non-hostile intent, which would be removing some of the sanctions," Cha said.

Secretary of State Mike Pompeo has vowed no let-up in sanctions until North Korea denuclearizes. And many US sanctions involve human rights or corruption laws and cannot be lifted without intervention by Congress, which is unlikely to be sympathetic.

But Cha said the United States could offer relief indirectly through South Korea's dovish government, working at the United Nations to remove sanctions that impede the restart of inter-Korean projects such as the Kaesong industrial complex.

The US is already preparing to ease restrictions on humanitarian aid and could offer to exchange liaison offices with Pyongyang, a step before diplomatic relations.

Trump points to North Korea's halt of missile and nuclear tests as progress, two years after fears soared of war. US officials want a full accounting of all North Korean weapons sites as well as inspections.

But experts fear North Korea will agree only on dismantling outdated facilities while keeping its capacities. In 2008, North Korea invited international media to watch as it blew up a cooling tower at Yongbyon, which remains the regime's main nuclear site.

Focus on long-range missiles?

South Korea and Japan have increasingly wondered if Trump -- who has made "America First" his guiding worldview -- would focus on ridding North Korea of its fast-moving program of intercontinental ballistic missiles, which threaten the mainland United States.&nbsp;

Pompeo in recent interviews has described North Korea diplomacy as a way to protect Americans.

"Fairly or unfairly, that's being interpreted by our allies as a potential US willingness to cut a deal that only protects America and disregards the safety of our allies," said Bruce Klingner, a senior research fellow at the Heritage Foundation, a conservative Washington think tank.

The summit also comes amid a prolonged impasse in negotiations on how much South Korea should pay the United States to maintain its 28,500 troops in the country.

"There are concerns that Trump may be so eager for success that he may agree to sign a peace declaration, signing an ICBM-only agreement and even reducing US forces on the peninsula either in return for perhaps a freeze on Yongbyon production or in response to the ongoing stalemate in Seoul," Klingner said.

Trump is a longstanding sceptic on the cost value of alliances and is demanding more from South Korea.

But any promise by Trump to Kim to pull out troops would likely meet wide opposition in Congress, fury from Japan's conservative government and quiet unease from South Korea, where President Moo Jae-in is more supportive of the US presence than previous left-wing leaders.

And it is not even a given that North Korea would welcome a withdrawal. Lankov said that Pyongyang saw US forces on the peninsula as a counterweight to China -- its closest ally, but which Pyongyang views as a longer-term concern.

As Donald Trump seeks progress with North Korea at a second summit, the United States has a series of cards it can play including easing sanctions, signing a peace declaration or even pulling troops from South Korea.

As Donald Trump seeks progress with North Korea at a second summit, the United States has a series of cards it can play including easing sanctions, signing a peace declaration or even pulling troops from South Korea. After the historic handshake between the US president and North Korean leader Kim Jong Un in Singapore in June, Washington policymakers are adamant on the need for tangible concessions by Pyongyang on its nuclear program at the sequel meeting, which Trump says will take place around late February, with Vietnam the most likely venue. But much depends on the mercurial Trump, who has declared his outreach to the longtime US adversary to be a diplomatic coup and angrily denounced criticism that his first summit was mere symbolism. North Korea watchers believe that Kim's primary goal is relief from international sanctions and doubt he will suddenly give up his nuclear arsenal, which his dynastic regime has built for decades even through famine. The sanctions "are not strong enough to create serious economic problems in the country, but they are strong enough to make economic growth difficult or unachievable," said Andrei Lankov, a professor at Kookmin University in Seoul who studied in Pyongyang. "In order to maintain stability in the country and to stay in power, the North Koreans know they will have to end or at least narrow the yawning gap between their economy and the economies of the neighbouring countries, especially South Korea and China," he said. Complicated options on sanctions When Kim met Trump, the first-ever summit between the two nations, North Korea was seen as seeking a treaty or at least statement formally ending the 1950-53 Korean War, which ended in an armistice. But Victor Cha, the director of Asian studies at Georgetown University and former US negotiator with North Korea, said a peace declaration was ultimately symbolic. "I don't think they would say no to it. A peace declaration would be a sign of non-hostile intent. But they want tangible evidence of non-hostile intent, which would be removing some of the sanctions," Cha said. Secretary of State Mike Pompeo has vowed no let-up in sanctions until North Korea denuclearizes. And many US sanctions involve human rights or corruption laws and cannot be lifted without intervention by Congress, which is unlikely to be sympathetic. But Cha said the United States could offer relief indirectly through South Korea's dovish government, working at the United Nations to remove sanctions that impede the restart of inter-Korean projects such as the Kaesong industrial complex. The US is already preparing to ease restrictions on humanitarian aid and could offer to exchange liaison offices with Pyongyang, a step before diplomatic relations. Trump points to North Korea's halt of missile and nuclear tests as progress, two years after fears soared of war. US officials want a full accounting of all North Korean weapons sites as well as inspections. But experts fear North Korea will agree only on dismantling outdated facilities while keeping its capacities. In 2008, North Korea invited international media to watch as it blew up a cooling tower at Yongbyon, which remains the regime's main nuclear site. Focus on long-range missiles? South Korea and Japan have increasingly wondered if Trump -- who has made "America First" his guiding worldview -- would focus on ridding North Korea of its fast-moving program of intercontinental ballistic missiles, which threaten the mainland United States. Pompeo in recent interviews has described North Korea diplomacy as a way to protect Americans. "Fairly or unfairly, that's being interpreted by our allies as a potential US willingness to cut a deal that only protects America and disregards the safety of our allies," said Bruce Klingner, a senior research fellow at the Heritage Foundation, a conservative Washington think tank. The summit also comes amid a prolonged impasse in negotiations on how much South Korea should pay the United States to maintain its 28,500 troops in the country. "There are concerns that Trump may be so eager for success that he may agree to sign a peace declaration, signing an ICBM-only agreement and even reducing US forces on the peninsula either in return for perhaps a freeze on Yongbyon production or in response to the ongoing stalemate in Seoul," Klingner said. Trump is a longstanding sceptic on the cost value of alliances and is demanding more from South Korea. But any promise by Trump to Kim to pull out troops would likely meet wide opposition in Congress, fury from Japan's conservative government and quiet unease from South Korea, where President Moo Jae-in is more supportive of the US presence than previous left-wing leaders. And it is not even a given that North Korea would welcome a withdrawal. Lankov said that Pyongyang saw US forces on the peninsula as a counterweight to China -- its closest ally, but which Pyongyang views as a longer-term concern.

Sanctions, peace deal on cards for new US-North Korea summit

Iran has accused France of being a destabilising force in the region after its foreign minister threatened new sanctions against Tehran over its missile programme.

"The Islamic republic has always called for the strengthening of peace and stability in the region," the Iranian foreign ministry said in a statement released overnight Friday.

As such Iran "considers the mass sales of sophisticated and offensive weapons by... <a href="https://www.google.com/url?q=http://www.wionews.com/world/toxic-substances-found-in-nappies-in-france-government-agency-192222&amp;sa=U&amp;ved=0ahUKEwjkweTArIvgAhVEso8KHcE-DiYQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1J7LEUap-sSNRHTRqWSxXG">France</a> as a factor in destabilising the balance of the region," the statement said.

It came after French <a href="https://www.google.com/url?q=http://www.wionews.com/world/iran-targets-us-national-security-advisor-john-bolton-with-10-year-challenge-calls-him-bully-191334&amp;sa=U&amp;ved=0ahUKEwjh44SrrIvgAhWLq48KHaCdCr4QFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw32_1enKeTq3Oms04jePMkl">Foreign Minister </a>Jean-Yves Le Drian on Friday said Paris was ready to impose new sanctions on Tehran if talks on its missile programme and its regional influence fail to make progress.

"We have begun a difficult dialogue with Iran... and unless progress is made we are ready to apply sanctions, firmly, and they know it," Le Drian said.

Le Drian also demanded that Iran change its behaviour in the region, specifically regarding its military presence in Syria.

The Iranian foreign ministry responded saying "Iran's missile programme is not negotiable" and warned that "any new sanction by European countries will lead to a review of our relations with them".

Iran reined in most of its nuclear programme under a landmark 2015 deal with major powers — Britain, China, France, Germany, Russia and the United States — that lifted sanctions on Iran.

But in May the United States withdrew from the deal and re-imposed sanctions on Tehran.

The EU has been trying to set up a special payment mechanism to maintain trade and business ties with Iran and circumvent the US sanctions.

Tehran has continued to develop its ballistic missile technology but says it has no intention of acquiring atomic weapons and that its missile development programmes are purely defensive.

Iran has accused France of being a destabilising force in the region after its foreign minister threatened new sanctions against Tehran over its missile programme.

Iran has accused France of being a destabilising force in the region after its foreign minister threatened new sanctions against Tehran over its missile programme. "The Islamic republic has always called for the strengthening of peace and stability in the region," the Iranian foreign ministry said in a statement released overnight Friday. As such Iran "considers the mass sales of sophisticated and offensive weapons by... France as a factor in destabilising the balance of the region," the statement said. It came after French Foreign Minister Jean-Yves Le Drian on Friday said Paris was ready to impose new sanctions on Tehran if talks on its missile programme and its regional influence fail to make progress. "We have begun a difficult dialogue with Iran... and unless progress is made we are ready to apply sanctions, firmly, and they know it," Le Drian said. Le Drian also demanded that Iran change its behaviour in the region, specifically regarding its military presence in Syria. The Iranian foreign ministry responded saying "Iran's missile programme is not negotiable" and warned that "any new sanction by European countries will lead to a review of our relations with them". Iran reined in most of its nuclear programme under a landmark 2015 deal with major powers — Britain, China, France, Germany, Russia and the United States — that lifted sanctions on Iran. But in May the United States withdrew from the deal and re-imposed sanctions on Tehran. The EU has been trying to set up a special payment mechanism to maintain trade and business ties with Iran and circumvent the US sanctions. Tehran has continued to develop its ballistic missile technology but says it has no intention of acquiring atomic weapons and that its missile development programmes are purely defensive.

Iran accuses France of 'destabilising' region after French foreign minister threatens sanctions

<a href="https://www.google.com/url?q=http://www.wionews.com/business-economy/oil-prices-jump-as-us-threatens-sanctions-against-venezuela-192607&amp;sa=U&amp;ved=0ahUKEwjA7sSn6ojgAhWSiXAKHTiZC0sQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3oBffrqBNuSAyi3_IBfrrd">Oil prices</a> edged up on Friday as turmoil in Venezuela increased the chances of tighter global supply if the United States makes good on signals that it could impose sanctions on Venezuelan exports.

But fresh data on surging US fuel stocks and worries about <a href="https://www.google.com/url?q=http://www.wionews.com/business-economy/rupee-rises-10-paise-against-us-dollar-in-early-trade-192624&amp;sa=U&amp;ved=0ahUKEwjA7sSn6ojgAhWSiXAKHTiZC0sQFggIMAE&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw32BeUu8AII9LBsZdVa4Ti4">US</a>-China trade talks weighed on prices.

Brent crude oil futures were at $61.17 a barrel at 0955 GMT, up 8 cents, or 0.13 per cent. Earlier on Friday, the international benchmark crude rose as high as $61.92.

Brent, however, has shed about 2.4 per cent since the start of trade on Monday and is on track to post its first week of losses in four weeks.

US West Texas Intermediate (WTI) crude futures were at $53.34 per barrel, up 21 cents, or 0.4 per cent.&nbsp;

Amid violent street protests, Venezuela's opposition leader Juan Guaido declared himself interim president this week, winning recognition from Washington and parts of Latin America.

Nicolas Maduro, the country's leader since 2013, responded by breaking relations with the United States.

"The oil market is partially pricing in the risk to Venezuela's crude production, which has been plummeting in recent years," Vandana Hari of Vanda Insights said.

RBC Europe predicted that sanctions could nearly double projected output shortfalls from the troubled exporter.

"Venezuelan production will decline by an additional 300,000-500,000 barrels per day (bpd) this year but such punitive measures could expand that outage by several hundred thousand barrels."

Global oil markets are still well supplied, however, thanks in part to surging output in the United States.

Record US production would likely offset any short-term disruptions to Venezuelan supply due to possible US sanctions, Britain's Barclays said in a note. The bank cut its 2019 average Brent forecast to $70 a barrel, from $72 previously.

The output surge has swollen US fuel stocks, and crude inventories rose by 8 million barrels last week, according to official data released on Thursday.

But demand may start to stutter because of a global economic slowdown, which is likely to dent fuel consumption.

A trade dispute between the United States and China and tightening financial conditions around the world have hurt manufacturing activity in most economies and dragged China's growth last year to the weakest in nearly 30 years.

According to Reuters polls of hundreds of economists worldwide, a synchronised global economic slowdown is underway and would deepen if the US-China trade war escalated.

 
&nbsp;

Oil prices edged up on Friday as turmoil in Venezuela increased the chances of tighter global supply if the United States makes good on signals that it could impose sanctions on Venezuelan exports.

Oil prices edged up on Friday as turmoil in Venezuela increased the chances of tighter global supply if the United States makes good on signals that it could impose sanctions on Venezuelan exports. But fresh data on surging US fuel stocks and worries about US-China trade talks weighed on prices. Brent crude oil futures were at $61.17 a barrel at 0955 GMT, up 8 cents, or 0.13 per cent. Earlier on Friday, the international benchmark crude rose as high as $61.92. Brent, however, has shed about 2.4 per cent since the start of trade on Monday and is on track to post its first week of losses in four weeks. US West Texas Intermediate (WTI) crude futures were at $53.34 per barrel, up 21 cents, or 0.4 per cent. Amid violent street protests, Venezuela's opposition leader Juan Guaido declared himself interim president this week, winning recognition from Washington and parts of Latin America. Nicolas Maduro, the country's leader since 2013, responded by breaking relations with the United States. "The oil market is partially pricing in the risk to Venezuela's crude production, which has been plummeting in recent years," Vandana Hari of Vanda Insights said. RBC Europe predicted that sanctions could nearly double projected output shortfalls from the troubled exporter. "Venezuelan production will decline by an additional 300,000-500,000 barrels per day (bpd) this year but such punitive measures could expand that outage by several hundred thousand barrels." Global oil markets are still well supplied, however, thanks in part to surging output in the United States. Record US production would likely offset any short-term disruptions to Venezuelan supply due to possible US sanctions, Britain's Barclays said in a note. The bank cut its 2019 average Brent forecast to $70 a barrel, from $72 previously. The output surge has swollen US fuel stocks, and crude inventories rose by 8 million barrels last week, according to official data released on Thursday. But demand may start to stutter because of a global economic slowdown, which is likely to dent fuel consumption. A trade dispute between the United States and China and tightening financial conditions around the world have hurt manufacturing activity in most economies and dragged China's growth last year to the weakest in nearly 30 years. According to Reuters polls of hundreds of economists worldwide, a synchronised global economic slowdown is underway and would deepen if the US-China trade war escalated.

Oil prices climb as US threatens sanctions against Venezuela

<a href="https://www.google.com/url?q=http://www.wionews.com/world/european-union-says-doubts-remain-over-dr-congo-election-result-191647&amp;sa=U&amp;ved=0ahUKEwiJw5rh6_7fAhXEsI8KHXjUBbgQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw1fkcT7sfCia_Q3VyY2QMf9">The EU</a> on Monday warned <a href="https://www.google.com/url?q=http://www.wionews.com/world/nicaragua-expels-international-human-rights-missions-185454&amp;sa=U&amp;ved=0ahUKEwjd6-_z6_7fAhVKL48KHZDlC7cQFggFMAA&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw2Lq_EJw85fVdRDGFom2STX">Nicaragua</a> it was ready to impose sanctions over the crisis-hit country's crackdown on media and civil society groups, saying fundamental rights were being abused.

The government of President Daniel Ortega has revoked human rights groups' permits, raided the offices of independent media and thrown out international inspection missions.

EU foreign ministers meeting in Brussels condemned the moves, which follow a tough clampdown launched in response to street protests.

"Recent measures targeting civil society organisations and independent media constitute another blow to democracy, human rights and civic freedoms aggravating the political and social crisis," the 28 ministers said.

The recent actions by the Ortega government were creating an environment where basic rights such as freedom of expression and fair trials were under threat, they said.

"The EU will continue to monitor the situation closely and underlines its readiness to use all its policy instruments to contribute to a peaceful negotiated way out of the current crisis and react to further deterioration of human rights and rule of law," the statement said — paving the way for possible future sanctions.

Rights groups say that since anti-government protests began in Managua in April, more than 320 people have been killed in the crackdown, and 600 arrested, while thousands more have fled the country.

Last week a group of young protesters defied a government ban on demonstrations to take to the streets but were rapidly dispersed by police.

And on Friday, leading newspaper La Prensa ran a blank front page in protest at the government blocking deliveries of paper and ink. 
&nbsp;

The EU on Monday warned Nicaragua it was ready to impose sanctions over the crisis-hit country's crackdown on media and civil society groups, saying fundamental rights were being abused.

The EU on Monday warned Nicaragua it was ready to impose sanctions over the crisis-hit country's crackdown on media and civil society groups, saying fundamental rights were being abused. The government of President Daniel Ortega has revoked human rights groups' permits, raided the offices of independent media and thrown out international inspection missions. EU foreign ministers meeting in Brussels condemned the moves, which follow a tough clampdown launched in response to street protests. "Recent measures targeting civil society organisations and independent media constitute another blow to democracy, human rights and civic freedoms aggravating the political and social crisis," the 28 ministers said. The recent actions by the Ortega government were creating an environment where basic rights such as freedom of expression and fair trials were under threat, they said. "The EU will continue to monitor the situation closely and underlines its readiness to use all its policy instruments to contribute to a peaceful negotiated way out of the current crisis and react to further deterioration of human rights and rule of law," the statement said — paving the way for possible future sanctions. Rights groups say that since anti-government protests began in Managua in April, more than 320 people have been killed in the crackdown, and 600 arrested, while thousands more have fled the country. Last week a group of young protesters defied a government ban on demonstrations to take to the streets but were rapidly dispersed by police. And on Friday, leading newspaper La Prensa ran a blank front page in protest at the government blocking deliveries of paper and ink.

European Union warns Nicaragua of sanctions over rights abuses

US Senate Democratic Leader Chuck Schumer said on Saturday he will force a vote soon on a resolution to disapprove the Trump administration's decision to relax sanctions on three Russian companies connected to oligarch Oleg Deripaska.

"I have concluded that the Treasury Department's proposal is flawed and fails to sufficiently limit Oleg Deripaska's control and influence of these companies and the Senate should move to block this misguided effort by the Trump Administration and keep these sanctions in place," Schumer said in a news release.

The US Treasury announced on December 20 that it would lift sanctions imposed in April on the core businesses of Deripaska, including aluminum giant Rusal its parent En+ and power firm EuroSibEnergo, watering down the toughest penalties imposed since Moscow's 2014 annexation of Crimea.

After lobbying by European governments that followed the imposition of sanctions, Washington postponed enforcement of the sanctions and started talks with Deripaska's team on removing Rusal and En+ from the blacklist if he ceded control of Rusal.

The businessman, who has close ties to the Kremlin, also had ties with Paul Manafort, Trump's former campaign manager, documents have showed.

An FBI agent said in an affidavit attached to a 2017 search warrant unsealed earlier this year that he had reviewed tax returns for a company controlled by Manafort and his wife that showed a $10 million loan from a Russian lender identified as Deripaska.

On Thursday, US Treasury Secretary Steven Mnuchin insisted that the Trump administration would keep tight control on companies linked to Deripaska, despite the decision to ease restrictions.

Mnuchin said the firms would face consequences including the reimposition of sanctions if they failed to comply with the terms.

Schumer said given Deripaska's potential involvement with Manafort, and since special counsel Robert Mueller's investigation into Trump's ties with Russia has not yet concluded, "It’s all the more reason these sanctions must remain in place."

Passage of the resolution of disapproval of Treasury's decision would require the approval of both the Democratic-majority house and the Senate, led by Trump's fellow Republicans who are unlikely to break with his policy.

US Senate Democratic Leader Chuck Schumer said on Saturday he will force a vote soon on a resolution to disapprove the Trump administration's decision to relax sanctions on three Russian companies connected to oligarch Oleg Deripaska.

US Senate Democratic Leader Chuck Schumer said on Saturday he will force a vote soon on a resolution to disapprove the Trump administration's decision to relax sanctions on three Russian companies connected to oligarch Oleg Deripaska. "I have concluded that the Treasury Department's proposal is flawed and fails to sufficiently limit Oleg Deripaska's control and influence of these companies and the Senate should move to block this misguided effort by the Trump Administration and keep these sanctions in place," Schumer said in a news release. The US Treasury announced on December 20 that it would lift sanctions imposed in April on the core businesses of Deripaska, including aluminum giant Rusal its parent En+ and power firm EuroSibEnergo, watering down the toughest penalties imposed since Moscow's 2014 annexation of Crimea. After lobbying by European governments that followed the imposition of sanctions, Washington postponed enforcement of the sanctions and started talks with Deripaska's team on removing Rusal and En+ from the blacklist if he ceded control of Rusal. The businessman, who has close ties to the Kremlin, also had ties with Paul Manafort, Trump's former campaign manager, documents have showed. An FBI agent said in an affidavit attached to a 2017 search warrant unsealed earlier this year that he had reviewed tax returns for a company controlled by Manafort and his wife that showed a $10 million loan from a Russian lender identified as Deripaska. On Thursday, US Treasury Secretary Steven Mnuchin insisted that the Trump administration would keep tight control on companies linked to Deripaska, despite the decision to ease restrictions. Mnuchin said the firms would face consequences including the reimposition of sanctions if they failed to comply with the terms. Schumer said given Deripaska's potential involvement with Manafort, and since special counsel Robert Mueller's investigation into Trump's ties with Russia has not yet concluded, "It’s all the more reason these sanctions must remain in place." Passage of the resolution of disapproval of Treasury's decision would require the approval of both the Democratic-majority house and the Senate, led by Trump's fellow Republicans who are unlikely to break with his policy.

US Senate Democratic Leader Chuck Schumer to force vote on US decision to lift sanctions on Russia firms

Iran's government faces acute economic challenges as it announces its annual budget, expected on Tuesday, and not all of its problems are the result of US sanctions.&nbsp;

The rial has lost around half its value against the dollar since US President Donald Trump announced he was withdrawing from the 2015 nuclear deal in May and reimposing sanctions.&nbsp;

That has driven up prices and blocked much of the foreign investment President Hassan Rouhani had hoped to attract, with the International Monetary Fund now predicting the economy will shrink by 3.6 percent next year.

But analysts say many of the country's woes pre-date Trump and the sanctions.&nbsp;

Banking sector 
Iran-based economist Mohammad Mahidashti says the banking system is the "biggest problem -- riddled with fictitious assets and non-performing loans".

Banks issued huge loans under Rouhani's predecessor Mahmoud Ahmadinejad with little apparent care for whether they would be repaid.&nbsp;

Parliament's economic commission said in March that half of all these loans -- worth around $27 billion at the time -- turned sour.

Desperately short of funds, banks have tried to attract fresh deposits with interest rates of 30 percent or more.

While providing a much-needed source of liquidity initially, the interest on these deposits has only added to banks' instability.

Rouhani said recently that "unhealthy" banks were being kept afloat by continuously borrowing from the central bank, and the debts of private lenders have doubled in the year to September.

Banks are also saddled with unsellable properties after pumping cash into a construction boom that ran out of steam around 2013.&nbsp;

"We have close to two million empty houses in Iran. There is simply no demand out there," said Narges Darvish, an economics lecturer at Tehran's Alzahra University.

But the government is loath to let banks fail, fearing a public backlash -- especially after the collapse of dodgy credit agencies helped fuel widespread protests a year ago.

Currency crisis 
The US withdrawal from the nuclear deal fuelled a run on the Iranian rial, but was not the only factor behind the currency's weakness.&nbsp;

In September, central bank governor Abdolnasser Hemmati instead blamed "horrific growth in money supply".&nbsp;

Its data shows that the amount of cash flowing around the Iranian economy has increased 24 percent annually for the past four years.

Given that Iran's economy offers few profitable and secure investment opportunities, citizens had already long sought to change rial savings into dollars. &nbsp;

And when rising expectations that the US would re-impose sanctions pressured the rial in earnest in early 2018, the government's reaction was a mess, according to economist Mousa Ghaninezhad.

"They claim they believe in the free market but they have no coherent strategy," he told AFP.&nbsp;

At one point, in April, the government forcibly shut down exchange houses and tried to fix the rate at 42,000 rials per dollar -- which only fuelled panic and drove speculators into the black market.&nbsp;

Recognising its mistake, the government reopened exchange shops and sacked the central bank governor a few months later.

A fierce crackdown was also unleashed on those exploiting the situation, with dozens of traders put on trial and at least three businessmen executed since October.

But the damage has been done. Imports are now vastly more expensive at the same time as sanctions make it harder to move goods into the country.

Prices have been rising as a result -- the cost of food and drink rose 60 percent in the year to November, according to the central bank.

State control 
Despite a privatisation drive, much of the economy remains in the hands of the state, either directly, or because groups connected to the government or military are the major shareholders.&nbsp;

This has stifled the private sector, which struggles to attract investment and compete for projects, analysts say.

Economist Ehsan Soltani says state-controlled industries like steel and petrochemicals benefit from huge subsidies -- totalling around $40 billion (35 billion euros) a year in fuel and electricity discounts -- but create relatively few jobs and returns.&nbsp;

"These industries are only wanted because of rent and corruption," he told AFP.

Hopes that the nuclear deal would bring a flood of foreign investment to boost the private sector have been dashed by the return of sanctions.&nbsp;

Meanwhile, efforts to bring greater transparency -- notably, new laws against money-laundering -- have been opposed by powerful vested interests, according to Foreign Minister Mohammad Javad Zarif.&nbsp;

"Those places that launder thousands of billions (of rials) are certainly financially capable of spending a few hundred billion on propaganda (against the laws)," Zarif told Khabar Online news agency last month.&nbsp;

Iran's government faces acute economic challenges as it announces its annual budget, expected on Tuesday, and not all of its problems are the result of US sanctions.

Iran's government faces acute economic challenges as it announces its annual budget, expected on Tuesday, and not all of its problems are the result of US sanctions. The rial has lost around half its value against the dollar since US President Donald Trump announced he was withdrawing from the 2015 nuclear deal in May and reimposing sanctions. That has driven up prices and blocked much of the foreign investment President Hassan Rouhani had hoped to attract, with the International Monetary Fund now predicting the economy will shrink by 3.6 percent next year. But analysts say many of the country's woes pre-date Trump and the sanctions. Banking sector Iran-based economist Mohammad Mahidashti says the banking system is the "biggest problem -- riddled with fictitious assets and non-performing loans". Banks issued huge loans under Rouhani's predecessor Mahmoud Ahmadinejad with little apparent care for whether they would be repaid. Parliament's economic commission said in March that half of all these loans -- worth around $27 billion at the time -- turned sour. Desperately short of funds, banks have tried to attract fresh deposits with interest rates of 30 percent or more. While providing a much-needed source of liquidity initially, the interest on these deposits has only added to banks' instability. Rouhani said recently that "unhealthy" banks were being kept afloat by continuously borrowing from the central bank, and the debts of private lenders have doubled in the year to September. Banks are also saddled with unsellable properties after pumping cash into a construction boom that ran out of steam around 2013. "We have close to two million empty houses in Iran. There is simply no demand out there," said Narges Darvish, an economics lecturer at Tehran's Alzahra University. But the government is loath to let banks fail, fearing a public backlash -- especially after the collapse of dodgy credit agencies helped fuel widespread protests a year ago. Currency crisis The US withdrawal from the nuclear deal fuelled a run on the Iranian rial, but was not the only factor behind the currency's weakness. In September, central bank governor Abdolnasser Hemmati instead blamed "horrific growth in money supply". Its data shows that the amount of cash flowing around the Iranian economy has increased 24 percent annually for the past four years. Given that Iran's economy offers few profitable and secure investment opportunities, citizens had already long sought to change rial savings into dollars. And when rising expectations that the US would re-impose sanctions pressured the rial in earnest in early 2018, the government's reaction was a mess, according to economist Mousa Ghaninezhad. "They claim they believe in the free market but they have no coherent strategy," he told AFP. At one point, in April, the government forcibly shut down exchange houses and tried to fix the rate at 42,000 rials per dollar -- which only fuelled panic and drove speculators into the black market. Recognising its mistake, the government reopened exchange shops and sacked the central bank governor a few months later. A fierce crackdown was also unleashed on those exploiting the situation, with dozens of traders put on trial and at least three businessmen executed since October. But the damage has been done. Imports are now vastly more expensive at the same time as sanctions make it harder to move goods into the country. Prices have been rising as a result -- the cost of food and drink rose 60 percent in the year to November, according to the central bank. State control Despite a privatisation drive, much of the economy remains in the hands of the state, either directly, or because groups connected to the government or military are the major shareholders. This has stifled the private sector, which struggles to attract investment and compete for projects, analysts say. Economist Ehsan Soltani says state-controlled industries like steel and petrochemicals benefit from huge subsidies -- totalling around $40 billion (35 billion euros) a year in fuel and electricity discounts -- but create relatively few jobs and returns. "These industries are only wanted because of rent and corruption," he told AFP. Hopes that the nuclear deal would bring a flood of foreign investment to boost the private sector have been dashed by the return of sanctions. Meanwhile, efforts to bring greater transparency -- notably, new laws against money-laundering -- have been opposed by powerful vested interests, according to Foreign Minister Mohammad Javad Zarif. "Those places that launder thousands of billions (of rials) are certainly financially capable of spending a few hundred billion on propaganda (against the laws)," Zarif told Khabar Online news agency last month.

Iran's economic woes go beyond sanctions: Analysts

Brussels officially rejected Italy's big-spending budget on Wednesday, clearing the path for unprecedented sanctions and deepening a bitter row with Rome's populist government. &nbsp;

The conclusion by the European Commission, the EU's executive arm, was harsh but expected, coming just weeks after it had sent back Italy's 2019 budget, in a historic first for the bloc.

Italy refused to back down after the Brussels ultimatum, setting the stage for Wednesday's final opinion that deplored "a marked backtracking" by Rome on past reforms.

"With what the Italian government has put on the table, we see a risk of the country sleepwalking into instability," Commission Vice-President Valdis Dombrovskis told a press conference in Brussels.

"We conclude that the opening of a debt-based excessive deficit procedure is... warranted," he added, referring to the EU's official process to punish member states for over-spending.

The coalition government made up of Salvini's League and anti-establishment Five Star Movement (M5S), insists the budget will help kickstart growth in the eurozone's third largest economy and reduce debt.

But the EU says the Italian budget abandons belt-tightening for a spending spree that includes a basic monthly income for the unemployed and a pension boost.

With its opinion, EU member states now have two weeks to decide whether to allow the commission to trigger the excessive deficit procedure, a months-long process that could lead to fines.

Once activated, the process allows Rome the opportunity to negotiate and correct its ways before Brussels can inflict a sanction of up to 0.2 per cent of Italy's GDP.

Few in Europe expect that Italy's populist coalition will concede on the matter, at least until European elections next May, where the government hopes to ride a wave of anti-EU sentiment.

"Has the EU letter arrived? I am also waiting for Santa Claus," said the far-right deputy prime minister Matteo Salvini, adding: "We will respond to the EU in an educated way."

Eyes on markets

All eyes now are on the markets, which could raise the pressure on Rome to kowtow to Brussels,and even split the ruling coalition in Italy.

"While the government's stance may be tenable in the short and medium-term, it will only be sustainable if market conditions don't deteriorate significantly," said Mujtaba Rahman, a political analyst at Eurasia Group.

The closely-watched "spread" -- the difference between yields on 10-year Italian government debt compared with those in benchmark Germany -- reached 316 basis points Wednesday, down from 326 late on Tuesday.

It has more than doubled since May when negotiations to form the coalition government in Rome began, but is lower than the roughly 400 mark that Italy argues is the danger zone.

In its budget, Italy intends to run a public deficit of 2.4 per cent of gross domestic product in 2019 -- three times the target of the government's centre-left predecessor -- and one of 2.1 per cent in 2020.

Brussels forecasts Italy's deficit will reach 2.9 per cent of GDP in 2019 and hit 3.1 per cent in 2020 -- breaching the EU's 3.0 per cent limit.

But Italy's big spending boost received a vouch of support from the OECD, the Paris-based organisation of developed countries.

"Does (the draft budget) question the sustainability of debt today? We don't think so. It is stabilising at its level," &nbsp;OECD chief economist Laurence Boone said.

"Obviously, there should not be a shock to growth, but for the time being (the debt) is stabilising."

Brussels officially rejected Italy's big-spending budget on Wednesday, clearing the path for unprecedented sanctions and deepening a bitter row with Rome's populist government.

Brussels officially rejected Italy's big-spending budget on Wednesday, clearing the path for unprecedented sanctions and deepening a bitter row with Rome's populist government. The conclusion by the European Commission, the EU's executive arm, was harsh but expected, coming just weeks after it had sent back Italy's 2019 budget, in a historic first for the bloc. Italy refused to back down after the Brussels ultimatum, setting the stage for Wednesday's final opinion that deplored "a marked backtracking" by Rome on past reforms. "With what the Italian government has put on the table, we see a risk of the country sleepwalking into instability," Commission Vice-President Valdis Dombrovskis told a press conference in Brussels. "We conclude that the opening of a debt-based excessive deficit procedure is... warranted," he added, referring to the EU's official process to punish member states for over-spending. The coalition government made up of Salvini's League and anti-establishment Five Star Movement (M5S), insists the budget will help kickstart growth in the eurozone's third largest economy and reduce debt. But the EU says the Italian budget abandons belt-tightening for a spending spree that includes a basic monthly income for the unemployed and a pension boost. With its opinion, EU member states now have two weeks to decide whether to allow the commission to trigger the excessive deficit procedure, a months-long process that could lead to fines. Once activated, the process allows Rome the opportunity to negotiate and correct its ways before Brussels can inflict a sanction of up to 0.2 per cent of Italy's GDP. Few in Europe expect that Italy's populist coalition will concede on the matter, at least until European elections next May, where the government hopes to ride a wave of anti-EU sentiment. "Has the EU letter arrived? I am also waiting for Santa Claus," said the far-right deputy prime minister Matteo Salvini, adding: "We will respond to the EU in an educated way." Eyes on markets All eyes now are on the markets, which could raise the pressure on Rome to kowtow to Brussels,and even split the ruling coalition in Italy. "While the government's stance may be tenable in the short and medium-term, it will only be sustainable if market conditions don't deteriorate significantly," said Mujtaba Rahman, a political analyst at Eurasia Group. The closely-watched "spread" -- the difference between yields on 10-year Italian government debt compared with those in benchmark Germany -- reached 316 basis points Wednesday, down from 326 late on Tuesday. It has more than doubled since May when negotiations to form the coalition government in Rome began, but is lower than the roughly 400 mark that Italy argues is the danger zone. In its budget, Italy intends to run a public deficit of 2.4 per cent of gross domestic product in 2019 -- three times the target of the government's centre-left predecessor -- and one of 2.1 per cent in 2020. Brussels forecasts Italy's deficit will reach 2.9 per cent of GDP in 2019 and hit 3.1 per cent in 2020 -- breaching the EU's 3.0 per cent limit. But Italy's big spending boost received a vouch of support from the OECD, the Paris-based organisation of developed countries. "Does (the draft budget) question the sustainability of debt today? We don't think so. It is stabilising at its level," OECD chief economist Laurence Boone said. "Obviously, there should not be a shock to growth, but for the time being (the debt) is stabilising."

Brussels rejects Italy budget, paves way for sanctions

Iranian President Hassan Rouhani on Wednesday launched an attack on the Trump administration over sanctions on Tehran, stating that the United States has chosen the wrong path and will be defeated, news agency Reuters reported quoting state media.&nbsp;

Last week, Washington reinstated sanctions on Iran, targetting its oil industry, a move aimed at pressuring Tehran to curb its missile program.&nbsp;

Rouhani, last week, stated that Iran "<a href="http://www.wionews.com/world/iran-will-proudly-bypass-us-sanctions-rouhani-175592">will proudly bypass sanctions</a>" by the United States that took effect on November 5.

"I announce that we will proudly bypass your illegal, unjust sanctions because it's against international regulations," Rouhani said in a televised speech.

"We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the White House who is so against law and international conventions," news agency AFP quoted Rouhani.

Meanwhile, the latest <a href="http://www.wionews.com/world/iran-sticking-to-nuclear-deal-conditions-iaea-176925">report from the UN atomic watchdog</a> stated that Iran has been abiding by the terms of its nuclear deal with global powers.&nbsp;

The International Atomic Energy Agency's latest report showed that as of early November, Iran had been complying with the restrictions to its nuclear programme laid down in the 2015 Joint Comprehensive Plan of Action.

(With inputs from agencies)&nbsp;

Iranian President Hassan Rouhani on Wednesday launched an attack on the Trump administration over sanctions on Tehran, stating that the United States has chosen the wrong path and will be defeated, news agency Reuters reported quoting state media.

Iranian President Hassan Rouhani on Wednesday launched an attack on the Trump administration over sanctions on Tehran, stating that the United States has chosen the wrong path and will be defeated, news agency Reuters reported quoting state media. Last week, Washington reinstated sanctions on Iran, targetting its oil industry, a move aimed at pressuring Tehran to curb its missile program. Rouhani, last week, stated that Iran "will proudly bypass sanctions" by the United States that took effect on November 5. "I announce that we will proudly bypass your illegal, unjust sanctions because it's against international regulations," Rouhani said in a televised speech. "We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the White House who is so against law and international conventions," news agency AFP quoted Rouhani. Meanwhile, the latest report from the UN atomic watchdog stated that Iran has been abiding by the terms of its nuclear deal with global powers. The International Atomic Energy Agency's latest report showed that as of early November, Iran had been complying with the restrictions to its nuclear programme laid down in the 2015 Joint Comprehensive Plan of Action. (With inputs from agencies)

United States chose wrong path on sanctions, will be defeated: Iranian President Rouhani

US&nbsp;President Donald Trump on Monday said he wants to <a href="http://www.wionews.com/world/china-india-turkey-among-eight-countries-allowed-temporary-waiver-in-iran-oil-sanctions-pompeo-175686">impose sanctions on Iran's oil gradually</a>, citing concerns about shocking energy markets and causing global price spikes.

"With the oil, it's very interesting. We have the toughest sanctions ever imposed, but on oil we want to go a little bit slower because I don't want to drive (up) the oil prices in the world," he told reporters before flying to a campaign event. "This has nothing to do with Iran... I could get the Iran oil down to zero immediately but it would cause a shock to the market. I don't want to lift oil prices."

The United States on Monday restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action, part of a wider effort to curb Tehran's missile and nuclear programs and diminish the Islamic Republic's influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon. Trump's moves target Iran's main source of revenue, its oil exports, as well as its financial sector.

"If you notice, oil prices are going down very substantially, despite the fact that already half of their capacity is gone," Trump said, adding "it will be a gradual" imposition of oil sanctions.

On Monday, international benchmark Brent crude oil futures were up nearly 0.8 percent to $73.41 a barrel and U.S. crude futures were up 0.4 percent at $63.41.&nbsp;

US President Donald Trump on Monday said he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking energy markets and causing global price spikes.

US President Donald Trump on Monday said he wants to impose sanctions on Iran's oil gradually, citing concerns about shocking energy markets and causing global price spikes. "With the oil, it's very interesting. We have the toughest sanctions ever imposed, but on oil we want to go a little bit slower because I don't want to drive (up) the oil prices in the world," he told reporters before flying to a campaign event. "This has nothing to do with Iran... I could get the Iran oil down to zero immediately but it would cause a shock to the market. I don't want to lift oil prices." The United States on Monday restored sanctions targeting Iran's oil, banking and transport sectors and threatened more action, part of a wider effort to curb Tehran's missile and nuclear programs and diminish the Islamic Republic's influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon. Trump's moves target Iran's main source of revenue, its oil exports, as well as its financial sector. "If you notice, oil prices are going down very substantially, despite the fact that already half of their capacity is gone," Trump said, adding "it will be a gradual" imposition of oil sanctions. On Monday, international benchmark Brent crude oil futures were up nearly 0.8 percent to $73.41 a barrel and U.S. crude futures were up 0.4 percent at $63.41.

Want to go slow on sanctions on Iran's oil, keep prices down: Trump

The United States is reimposing punitive measures targeting the Iranian oil and financial sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran.

Taking effect Monday, the measures are the most concrete result yet of US President Donald Trump's controversial decision in May to abandon the multi-nation nuclear deal with Tehran.

They will directly affect companies from third countries doing business with Iran. They could upset world oil markets, though the US has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.

Iran's supreme leader Ayatollah Ali Khamenei denounced the measures on Saturday, saying Trump had "disgraced" US prestige and would be the ultimate loser in the long-running quarrel between the countries.

The US side was unmoved.&nbsp;

"Sanctions from the United States will be reimposed at midnight tonight," Pompeo told CBS's "Face the Nation." He said what he called "the terror regime" in Tehran must change its ways.

Oil markets on alert

World oil markets were on alert, nervously set to gauge the consequences of the sanctions.

"All eyes will be on Iranian exports, whether there will be some cheating around US sanctions, and on how quickly production will fall," said Riccardo Fabiani, an analyst for Energy Aspects.

Oil is Iran's main source of income. But the sword has two edges: Iran is also the OPEC cartel's third-largest producer.

The US stance has already inflicted serious pain on Iranians, with the country's currency, the rial, losing more than two-thirds of its value since May.&nbsp;

Iranian oil exports have fallen by about a million barrels a day in that time, though India and China have continued to purchase it. Most Europeans, as well as Japan and South Korea, have stopped.

Asked if the US had firm commitments from India and China to stop all oil purchases from Iran within six months, Pompeo replied: "Watch what we do. Watch as we've already taken more crude oil off the market than any time in the previous history."

Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production.

'Utter disregard'&nbsp;

Hours before the fresh sanctions went ahead, thousands of people in Iran marked the anniversary of the 1979 hostage-taking at the US embassy by carrying placards mocking Trump and burning American flags and fake dollars.

Trump has long argued that the 2015 nuclear deal is badly flawed, in part because its provisions would expire in 10 to 15 years and partly because it does not adequately constrain Iran's destabilizing behaviour in the region.

His decision was widely criticized abroad and by Democrats at home, who said that while imperfect, the pact had placed the Iranian nuclear program under the tightest scrutiny ever.

In parallel with the imposition of the crude oil sanctions, the US Treasury Department is placing more than 600 Iranian individuals and entities on a blacklist.

And Pompeo said that any Iranian banks involved in "sanctionable behaviour will be sanctioned by the Department of Treasury, period, full stop."

The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the US sanctions will be dissuasive. Both Airbus and Total have announced plans to leave Iran.

The first set of sanctions announced August 7 prompted European automakers Daimler and PSA to quit Iran.

To continue exporting crude oil, Iranian tankers in recent weeks have been turning off their transponders to avoid detection. But satellites have continued to track them.

The United States is reimposing punitive measures targeting the Iranian oil and financial sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran.

The United States is reimposing punitive measures targeting the Iranian oil and financial sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran. Taking effect Monday, the measures are the most concrete result yet of US President Donald Trump's controversial decision in May to abandon the multi-nation nuclear deal with Tehran. They will directly affect companies from third countries doing business with Iran. They could upset world oil markets, though the US has granted temporary waivers to eight jurisdictions to continue importing Iranian oil. Iran's supreme leader Ayatollah Ali Khamenei denounced the measures on Saturday, saying Trump had "disgraced" US prestige and would be the ultimate loser in the long-running quarrel between the countries. The US side was unmoved. "Sanctions from the United States will be reimposed at midnight tonight," Pompeo told CBS's "Face the Nation." He said what he called "the terror regime" in Tehran must change its ways. Oil markets on alert World oil markets were on alert, nervously set to gauge the consequences of the sanctions. "All eyes will be on Iranian exports, whether there will be some cheating around US sanctions, and on how quickly production will fall," said Riccardo Fabiani, an analyst for Energy Aspects. Oil is Iran's main source of income. But the sword has two edges: Iran is also the OPEC cartel's third-largest producer. The US stance has already inflicted serious pain on Iranians, with the country's currency, the rial, losing more than two-thirds of its value since May. Iranian oil exports have fallen by about a million barrels a day in that time, though India and China have continued to purchase it. Most Europeans, as well as Japan and South Korea, have stopped. Asked if the US had firm commitments from India and China to stop all oil purchases from Iran within six months, Pompeo replied: "Watch what we do. Watch as we've already taken more crude oil off the market than any time in the previous history." Saudi Arabia is the only country with the capacity to make up for lost Iranian oil production. 'Utter disregard' Hours before the fresh sanctions went ahead, thousands of people in Iran marked the anniversary of the 1979 hostage-taking at the US embassy by carrying placards mocking Trump and burning American flags and fake dollars. Trump has long argued that the 2015 nuclear deal is badly flawed, in part because its provisions would expire in 10 to 15 years and partly because it does not adequately constrain Iran's destabilizing behaviour in the region. His decision was widely criticized abroad and by Democrats at home, who said that while imperfect, the pact had placed the Iranian nuclear program under the tightest scrutiny ever. In parallel with the imposition of the crude oil sanctions, the US Treasury Department is placing more than 600 Iranian individuals and entities on a blacklist. And Pompeo said that any Iranian banks involved in "sanctionable behaviour will be sanctioned by the Department of Treasury, period, full stop." The European Union has established a mechanism to permit its multinational companies to maintain presences in Iran, but all signs are that the US sanctions will be dissuasive. Both Airbus and Total have announced plans to leave Iran. The first set of sanctions announced August 7 prompted European automakers Daimler and PSA to quit Iran. To continue exporting crude oil, Iranian tankers in recent weeks have been turning off their transponders to avoid detection. But satellites have continued to track them.

US issues veiled warning to India, China on crude imports from Iran, says 'watch what we do'

Nearly 40 years after the 1979 Islamic revolution saw the exit of Western oil companies from Iran, the Iranian oil sector faces yet another costly disruption after a series of interruptions from war, sanctions and diplomatic isolation.

Washington will reapply sanctions to Iran`s oil sector on Nov. 4, after ending its participation in an international deal governing Iran`s nuclear sector. Iran`s oil buyers outside the United States will stop or reduce purchases because of secondary sanctions applied on foreign companies that use the U.S. banking system.

Having lifted a self-imposed revolutionary ban on foreign investors in 1995, Iran has struggled to attract external investment for any sustained period.

The isolation caused by poor relations with the United States and, in recent years, Tehran`s efforts to develop a nuclear capability have prevented Iran building output capacity.

But huge reserves run by the National Iranian Oil Co have helped it cling to its position as one of the world`s five largest oil producers.

The United States stopped buying Iranian oil or investing in Iran`s oil industry in 1979 and has not resumed since.

Iran produces nearly 4 percent of the world`s daily oil supply and over the last 30 years has exported on average two-thirds of that.

The mid-1970s were the heyday of the Iranian oil sector, when its output accounted for 10 percent of global production.

It has never returned to the record 6 million barrels per day (bpd) it pumped in 1974.

In that year it pumped 70 percent of the amount produced by OPEC`s biggest producer, its regional political rival Saudi Arabia, and more than three times as much as its neighbour Iraq.

In 2012, when a first round of international nuclear sanctions was imposed, Iran`s output was only a third of Saudi Arabia`s, rising to 41 percent last year and just a little higher than Iraq`s.

Output dropped to a low of 1.5 million bpd in 1980, the year after Shah Mohammed Reza was overthrown, an event that caused the second oil shock across the economies of the West.

It took 23 years for Iran to restore 4 million bpd in 2003, with a post-revolutionary peak last year just short of 5 million bpd of crude and condensate combined. 
Iran`s exports halved during the depths of the 2012-2016 international sanctions on its nuclear programme.

It is unclear what proportion of Iranian crude sales will vanish from international markets after Nov. 4. The United States said on Friday it would temporarily spare from sanctions eight jurisdictions that import Iranian oil. The European Union would not be one of the eight, U.S. Secretary of State Mike Pompeo said.

This isn`t Iran`s first round of sanctions. It has devised ways to export oil under the radar, evading detection by switching off the transponders of its fleet of nearly 40 supertankers, using alternatives to the U.S. dollar for payment, or selling crude to private refiners, in small, harder-to-track parcels.

Below is a timeline of the evolution of Iran`s crude oil production and exports, through sanctions, war and embargoes.

Iran's crude oil exports and production
<img alt="Iran " data-align="center" data-entity-type="file" data-entity-uuid="3fa74059-1f8a-4e77-b8a5-04b803c61044" src="/sites/default/files/inline-images/Iran%27s%20crude%20oil%20exports%20and%20production.JPG" />
Oil production from OPEC's Big Four since 1973
<img alt="Oil production from OPEC's Big Four since 1973" data-align="center" data-entity-type="file" data-entity-uuid="4866afdb-770d-4a42-bd6a-e9533ff1214c" src="/sites/default/files/inline-images/Oil%20production%20from%20OPEC%27s%20Big%20Four%20since%201973.JPG" />
&nbsp;

Nearly 40 years after the 1979 Islamic revolution saw the exit of Western oil companies from Iran, the Iranian oil sector faces yet another costly disruption after a series of interruptions from war, sanctions and diplomatic isolation.

Nearly 40 years after the 1979 Islamic revolution saw the exit of Western oil companies from Iran, the Iranian oil sector faces yet another costly disruption after a series of interruptions from war, sanctions and diplomatic isolation. Washington will reapply sanctions to Iran`s oil sector on Nov. 4, after ending its participation in an international deal governing Iran`s nuclear sector. Iran`s oil buyers outside the United States will stop or reduce purchases because of secondary sanctions applied on foreign companies that use the U.S. banking system. Having lifted a self-imposed revolutionary ban on foreign investors in 1995, Iran has struggled to attract external investment for any sustained period. The isolation caused by poor relations with the United States and, in recent years, Tehran`s efforts to develop a nuclear capability have prevented Iran building output capacity. But huge reserves run by the National Iranian Oil Co have helped it cling to its position as one of the world`s five largest oil producers. The United States stopped buying Iranian oil or investing in Iran`s oil industry in 1979 and has not resumed since. Iran produces nearly 4 percent of the world`s daily oil supply and over the last 30 years has exported on average two-thirds of that. The mid-1970s were the heyday of the Iranian oil sector, when its output accounted for 10 percent of global production. It has never returned to the record 6 million barrels per day (bpd) it pumped in 1974. In that year it pumped 70 percent of the amount produced by OPEC`s biggest producer, its regional political rival Saudi Arabia, and more than three times as much as its neighbour Iraq. In 2012, when a first round of international nuclear sanctions was imposed, Iran`s output was only a third of Saudi Arabia`s, rising to 41 percent last year and just a little higher than Iraq`s. Output dropped to a low of 1.5 million bpd in 1980, the year after Shah Mohammed Reza was overthrown, an event that caused the second oil shock across the economies of the West. It took 23 years for Iran to restore 4 million bpd in 2003, with a post-revolutionary peak last year just short of 5 million bpd of crude and condensate combined. Iran`s exports halved during the depths of the 2012-2016 international sanctions on its nuclear programme. It is unclear what proportion of Iranian crude sales will vanish from international markets after Nov. 4. The United States said on Friday it would temporarily spare from sanctions eight jurisdictions that import Iranian oil. The European Union would not be one of the eight, U.S. Secretary of State Mike Pompeo said. This isn`t Iran`s first round of sanctions. It has devised ways to export oil under the radar, evading detection by switching off the transponders of its fleet of nearly 40 supertankers, using alternatives to the U.S. dollar for payment, or selling crude to private refiners, in small, harder-to-track parcels. Below is a timeline of the evolution of Iran`s crude oil production and exports, through sanctions, war and embargoes. Iran's crude oil exports and production Oil production from OPEC's Big Four since 1973

Iranian oil: 40 years of revolution, war, sanctions and bans

Sexual violence and abductions continue to be used as weapons of war in armed conflict by non-state actors and terrorist organisations which disproportionately affect women, India has said as it asked the UN Security Council to sanction individuals and entities involved in gender-based violence.&nbsp;

The remarks by Paulomi Tripathi, First Secretary in the India's Permanent Mission here, came after UN chief Antonio Guterres reported a huge increase in such brutalities.&nbsp;

"Today, there is greater awareness about the centrality of meaningful participation of women in peace processes and incorporation of gender perspectives in UN's peace and security efforts," Tripathi said.

Despite these efforts, women's role and perspectives in peace processes remain largely neglected, she said during the UN Security Council open debate on "promoting the implementation of women, peace and security agenda and sustaining peace through women's political and economic empowerment".&nbsp;

"Sexual violence, abductions and human trafficking continue to be used as weapons of war in armed conflict by non-state actors and terrorist organisations. Rapidly expanding trans-boundary criminal networks finance terror, supply arms, recruit and train of foreign fighters and destabilise whole regions which disproportionately affect women," she said.

"Large scale movements of refugees emanating from armed conflicts increase the vulnerability of women to discrimination and exploitation, she said. 
Tripathi said India appreciates Secretary General's emphasis and achievement on gender parity in UN's senior leadership.&nbsp;

"As the General Assembly focuses on gender sensitive and inclusive development to build peaceful and resilient societies, the Council must push for effective cooperation on countering terrorism that threatens peace and security," she said.

"The Council must make all efforts to realize the full potential of integrating women, peace and security considerations in sanctions regimes. The Sanctions Committees of the Security Council need to address the issue of proactively listing terrorist individuals and entities involved in sexual and gender-based violence in armed conflicts," she said.&nbsp;

International cooperation for prosecution of criminals engaged in transboundary crimes is important to bring justice to the victims, large number of whom is women and girls, she added. &nbsp;

In India, she said the discourse on women's empowerment has progressed from viewing women as beneficiaries of welfare schemes to mainstreaming their concerns and harnessing their leadership for inclusive development.&nbsp;

More than 1.3 million directly elected women representatives participate in formulating and implementing gender responsive policies in India. Gender-based budgeting has proved beneficial for mainstreaming of gender perspectives in policy implementation across sectors, she said

"India is committed to a higher representation of women in peacekeeping missions and has fulfilled the pledge to have 15 per cent of military observers as women," she said as she cited the example of the landmark first ever deployment by UN of all Female Formed Police Unit in Liberia by India.

The deployment became a role model to the local women to participate in policing and in relevant rule of law frameworks. India is also committed to provide another all-female formed police unit," she said.

India also fully supports UN Secretary General Guterres' zero-tolerance approach to sexual exploitation and abuse, and strong commitment to achieving gender parity in peace operations, she said.

"India stands ready to engage with our partners to work towards ensuring the meaningful participation of women and mainstreaming of women, peace and security considerations for building inclusive, peaceful and resilient societies," Tripathi said.&nbsp;

Sexual violence and abductions continue to be used as weapons of war in armed conflict by non-state actors and terrorist organisations which disproportionately affect women, India has said as it asked the UN Security Council to sanction individuals and entities involved in gender-based violence.

Sexual violence and abductions continue to be used as weapons of war in armed conflict by non-state actors and terrorist organisations which disproportionately affect women, India has said as it asked the UN Security Council to sanction individuals and entities involved in gender-based violence. The remarks by Paulomi Tripathi, First Secretary in the India's Permanent Mission here, came after UN chief Antonio Guterres reported a huge increase in such brutalities. "Today, there is greater awareness about the centrality of meaningful participation of women in peace processes and incorporation of gender perspectives in UN's peace and security efforts," Tripathi said. Despite these efforts, women's role and perspectives in peace processes remain largely neglected, she said during the UN Security Council open debate on "promoting the implementation of women, peace and security agenda and sustaining peace through women's political and economic empowerment". "Sexual violence, abductions and human trafficking continue to be used as weapons of war in armed conflict by non-state actors and terrorist organisations. Rapidly expanding trans-boundary criminal networks finance terror, supply arms, recruit and train of foreign fighters and destabilise whole regions which disproportionately affect women," she said. "Large scale movements of refugees emanating from armed conflicts increase the vulnerability of women to discrimination and exploitation, she said. Tripathi said India appreciates Secretary General's emphasis and achievement on gender parity in UN's senior leadership. "As the General Assembly focuses on gender sensitive and inclusive development to build peaceful and resilient societies, the Council must push for effective cooperation on countering terrorism that threatens peace and security," she said. "The Council must make all efforts to realize the full potential of integrating women, peace and security considerations in sanctions regimes. The Sanctions Committees of the Security Council need to address the issue of proactively listing terrorist individuals and entities involved in sexual and gender-based violence in armed conflicts," she said. International cooperation for prosecution of criminals engaged in transboundary crimes is important to bring justice to the victims, large number of whom is women and girls, she added. In India, she said the discourse on women's empowerment has progressed from viewing women as beneficiaries of welfare schemes to mainstreaming their concerns and harnessing their leadership for inclusive development. More than 1.3 million directly elected women representatives participate in formulating and implementing gender responsive policies in India. Gender-based budgeting has proved beneficial for mainstreaming of gender perspectives in policy implementation across sectors, she said "India is committed to a higher representation of women in peacekeeping missions and has fulfilled the pledge to have 15 per cent of military observers as women," she said as she cited the example of the landmark first ever deployment by UN of all Female Formed Police Unit in Liberia by India. The deployment became a role model to the local women to participate in policing and in relevant rule of law frameworks. India is also committed to provide another all-female formed police unit," she said. India also fully supports UN Secretary General Guterres' zero-tolerance approach to sexual exploitation and abuse, and strong commitment to achieving gender parity in peace operations, she said. "India stands ready to engage with our partners to work towards ensuring the meaningful participation of women and mainstreaming of women, peace and security considerations for building inclusive, peaceful and resilient societies," Tripathi said.

India asks UN to impose sanctions against terrorists for sexual violence

India Thursday said it was engaged with the US, Iran and other stakeholders on the issue of American sanctions on import of Iranian oil which will come into effect from November 4.

Spokesperson in the Ministry of External Affairs Raveesh Kumar said India has already conveyed to the US about its position on the matter.

Asked about how India will make the payments to Russia for the S-400 missile deal, Kumar said India is also engaged with the US on the issue.&nbsp;&nbsp;

&nbsp;"We are engaged with the US on the matter. We have shared our position with the US sides at different levels. These discussions have contributed to a better understanding by the US about our objectives and concerns as well as our sensitivities and expectations," he said.

On October 5, India and Russia signed the USD 5 billion S-400 air defence system deal, notwithstanding US sanctions on military transactions with Moscow.&nbsp;

On US sanctions on import of Iranian oil from November 4, Kumar said, "Our discussions are on with Iran and other stakeholders. It will not be proper to go into the details how we will deal with the situation."&nbsp;

He said US Special Representative for Iran Brian Hook held talks with officials of various relevant ministries here on the issue.

"We have conveyed to him that the price of crude oil is a matter of concern for our domestic economy and directly affects the common people," he said at a press briefing.

Kumar said India's "expectations" have been made known to the US side, adding India appreciated the statement made by US Secretary of State Mike Pompeo that intention of imposing sanctions on Iran is not to hurt India.&nbsp;

"We do intend to continue our engagement with the US and other statekeholders to ensure our energy security and to protect our national interests," Kumar said.

He said India was trying to see how it can find a solution to the issue.

There has been indication that India may not totally stop import of crude oil from Iran.

Kumar said India will do everything possible to ensure the country's energy security.&nbsp;

In May, the US brought back sanctions on Iran after withdrawing from the Iran nuclear deal which was struck in 2015.

The US has told India and other countries to cut oil imports from the Gulf nation to "zero" by November 4 or face sanctions.&nbsp;

Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18).

Sources said India is also looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of US sanctions.

The rupee-rial arrangement was used to buy oil from Iran before sanctions were lifted against it three years ago.

Under the mechanism, India used to pay in euros to clear 55 per cent of its dues through Ankara-based Halk bank. The remaining 45 per cent payment was remitted in rupees in accounts Iranian oil companies had with the Uco Bank.

India Thursday said it was engaged with the US, Iran and other stakeholders on the issue of American sanctions on import of Iranian oil which will come into effect from November 4.

India Thursday said it was engaged with the US, Iran and other stakeholders on the issue of American sanctions on import of Iranian oil which will come into effect from November 4. Spokesperson in the Ministry of External Affairs Raveesh Kumar said India has already conveyed to the US about its position on the matter. Asked about how India will make the payments to Russia for the S-400 missile deal, Kumar said India is also engaged with the US on the issue. "We are engaged with the US on the matter. We have shared our position with the US sides at different levels. These discussions have contributed to a better understanding by the US about our objectives and concerns as well as our sensitivities and expectations," he said. On October 5, India and Russia signed the USD 5 billion S-400 air defence system deal, notwithstanding US sanctions on military transactions with Moscow. On US sanctions on import of Iranian oil from November 4, Kumar said, "Our discussions are on with Iran and other stakeholders. It will not be proper to go into the details how we will deal with the situation." He said US Special Representative for Iran Brian Hook held talks with officials of various relevant ministries here on the issue. "We have conveyed to him that the price of crude oil is a matter of concern for our domestic economy and directly affects the common people," he said at a press briefing. Kumar said India's "expectations" have been made known to the US side, adding India appreciated the statement made by US Secretary of State Mike Pompeo that intention of imposing sanctions on Iran is not to hurt India. "We do intend to continue our engagement with the US and other statekeholders to ensure our energy security and to protect our national interests," Kumar said. He said India was trying to see how it can find a solution to the issue. There has been indication that India may not totally stop import of crude oil from Iran. Kumar said India will do everything possible to ensure the country's energy security. In May, the US brought back sanctions on Iran after withdrawing from the Iran nuclear deal which was struck in 2015. The US has told India and other countries to cut oil imports from the Gulf nation to "zero" by November 4 or face sanctions. Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18). Sources said India is also looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of US sanctions. The rupee-rial arrangement was used to buy oil from Iran before sanctions were lifted against it three years ago. Under the mechanism, India used to pay in euros to clear 55 per cent of its dues through Ankara-based Halk bank. The remaining 45 per cent payment was remitted in rupees in accounts Iranian oil companies had with the Uco Bank.

India engaged with all stakeholders on Iranian oil import issue: MEA

Iran called new US sanctions against its paramilitary Basij group an act of "blind vindictiveness" on Wednesday.

"America's new sanctions are a clear insult to international and legal mechanisms and a result of the American government's blind vindictiveness against the Iranian nation," said foreign ministry spokesman Bahram Ghasemi.

He called Washington's "lack of adherence to international legal mechanisms" a threat not only "to the Iranian people's interests but also the world's stability and security."

On Tuesday, the US Treasury Department slapped sanctions on the Basij paramilitary group along with a network of more than 20 businesses that were providing it financing.

The US pulled out of a landmark 2015 nuclear accord between Iran and six world powers in May and is reimposing punishing sanctions on the Middle Eastern country, hoping to pressure Tehran into what President Donald Trump calls a "better deal".

"Contrary to the American government's hypocritical claims in support of the Iranian people, such acts obstruct the people's ability to benefit from economic relations with the international community," Ghasemi added.

Iran called new US sanctions against its paramilitary Basij group an act of "blind vindictiveness" on Wednesday. "America's new sanctions are a clear insult to international and legal mechanisms and a result of the American government's blind vindictiveness against the Iranian nation," said foreign ministry spokesman Bahram Ghasemi.

Iran called new US sanctions against its paramilitary Basij group an act of "blind vindictiveness" on Wednesday. "America's new sanctions are a clear insult to international and legal mechanisms and a result of the American government's blind vindictiveness against the Iranian nation," said foreign ministry spokesman Bahram Ghasemi. He called Washington's "lack of adherence to international legal mechanisms" a threat not only "to the Iranian people's interests but also the world's stability and security." On Tuesday, the US Treasury Department slapped sanctions on the Basij paramilitary group along with a network of more than 20 businesses that were providing it financing. The US pulled out of a landmark 2015 nuclear accord between Iran and six world powers in May and is reimposing punishing sanctions on the Middle Eastern country, hoping to pressure Tehran into what President Donald Trump calls a "better deal". "Contrary to the American government's hypocritical claims in support of the Iranian people, such acts obstruct the people's ability to benefit from economic relations with the international community," Ghasemi added.

Iran calls US sanctions on paramilitary force 'blind vindictiveness'

Saudi Arabia on Sunday dismissed threats of sanctions over the disappearance of journalist Jamal Khashoggi adding that it will retaliate if any such action is taken against the oil-rich country.

"The kingdom affirms its total rejection of any threats or attempts to undermine it whether through threats to impose economic sanctions or the use of political pressure," an official source said, news agency AFP reported.

"The kingdom also affirms that it will respond to any action with a bigger one," the source said.

Turkey's foreign minister on Saturday accused Saudi Arabia of so far failing to cooperate in the probe into the disappearance of journalist Jamal Khashoggi at its consulate in Istanbul and called on Riyadh to grant access to Turkish investigators.

"We still have not seen cooperation in order to ensure a smooth investigation and bring everything to light. We want to see this," Foreign Minister Mevlut Cavusoglu was quoted as saying by state-run Anadolu news agency, adding that Riyadh must let Turkish "prosecutors and experts enter the consulate".

US President Donald Trump on Saturday alleged that Saudi Arabia could be behind the disappearance of missing journalist Jamal Khashoggi. Trump also warned of "severe punishment" if the same turns out to be true, news agency AFP reported.

"We're going to get to the bottom of it and there will be severe punishment," Trump told US media.

"As of this moment, they deny it and they deny it vehemently. Could it be them? Yes," Trump said in the interview, which was conducted on Thursday.&nbsp;

(With inputs from AFP)&nbsp;

Saudi Arabia on Sunday dismissed threats of sanctions over the disappearance of journalist Jamal Khashoggi adding that it will retaliate if any such action is taken against the oil-rich country.

Saudi Arabia on Sunday dismissed threats of sanctions over the disappearance of journalist Jamal Khashoggi adding that it will retaliate if any such action is taken against the oil-rich country. "The kingdom affirms its total rejection of any threats or attempts to undermine it whether through threats to impose economic sanctions or the use of political pressure," an official source said, news agency AFP reported. "The kingdom also affirms that it will respond to any action with a bigger one," the source said. Turkey's foreign minister on Saturday accused Saudi Arabia of so far failing to cooperate in the probe into the disappearance of journalist Jamal Khashoggi at its consulate in Istanbul and called on Riyadh to grant access to Turkish investigators. "We still have not seen cooperation in order to ensure a smooth investigation and bring everything to light. We want to see this," Foreign Minister Mevlut Cavusoglu was quoted as saying by state-run Anadolu news agency, adding that Riyadh must let Turkish "prosecutors and experts enter the consulate". US President Donald Trump on Saturday alleged that Saudi Arabia could be behind the disappearance of missing journalist Jamal Khashoggi. Trump also warned of "severe punishment" if the same turns out to be true, news agency AFP reported. "We're going to get to the bottom of it and there will be severe punishment," Trump told US media. "As of this moment, they deny it and they deny it vehemently. Could it be them? Yes," Trump said in the interview, which was conducted on Thursday. (With inputs from AFP)

Saudi dismisses threat of sanctions over Khashoggi, warns of retaliation

Australia has assigned a guided missile frigate to the East China Sea to boast international efforts to enforce sanctions against North Korea, an Australian officer said on Friday.

Australian Defense Force Chief of Joint Operations, Air Marshall Mel Hupfeld said the warship with a crew of 230 will be supported by two Australian AP-3C Orion surveillance aircraft based in Japan.

"Despite the easing of tensions on the Korea Peninsula, Pyongyang continues with its nuclear weapons and ballistic weapons programs in defiance of ... United Nations Security Council resolutions," Hupfeld told reporters.

"The occasional deployment of ... Maritime patrol aircraft and surface vessels to the region ... Adds weight to Australia's ongoing economic and diplomatic pressure on North Korea and enhances the capacity of ongoing multinational enforcement efforts," he added.

The Australians would work in cooperation with the Japanese, United States, Canadians and the South Koreas to enforce sanctions, Hupfeld said.

He likened detecting illegal ship-to-ship transfers of goods from among the many legitimate transactions in the East China Sea to finding a needle in a haystack.

Hupfeld would not say whether the frigate HMAS Melbourne's role would be intercepting suspect cargo ships.

"I won't go into a great deal of depth on those aspects, that's very much an operational matter," Hupfeld said.

"An airplane flying over the top can't stop anything from occurring," he added.

The Sydney-based warship was currently in South Korea taking part in a fleet review, he said.

Trump has encouraged US allies to maintain sanctions on North Korea until it denuclearises as part of what his administration has termed a campaign of "maximum pressure" against leader Kim Jong Un's government.&nbsp;

Australia has assigned a guided missile frigate to the East China Sea to boast international efforts to enforce sanctions against North Korea, an Australian officer said on Friday.

Australia has assigned a guided missile frigate to the East China Sea to boast international efforts to enforce sanctions against North Korea, an Australian officer said on Friday. Australian Defense Force Chief of Joint Operations, Air Marshall Mel Hupfeld said the warship with a crew of 230 will be supported by two Australian AP-3C Orion surveillance aircraft based in Japan. "Despite the easing of tensions on the Korea Peninsula, Pyongyang continues with its nuclear weapons and ballistic weapons programs in defiance of ... United Nations Security Council resolutions," Hupfeld told reporters. "The occasional deployment of ... Maritime patrol aircraft and surface vessels to the region ... Adds weight to Australia's ongoing economic and diplomatic pressure on North Korea and enhances the capacity of ongoing multinational enforcement efforts," he added. The Australians would work in cooperation with the Japanese, United States, Canadians and the South Koreas to enforce sanctions, Hupfeld said. He likened detecting illegal ship-to-ship transfers of goods from among the many legitimate transactions in the East China Sea to finding a needle in a haystack. Hupfeld would not say whether the frigate HMAS Melbourne's role would be intercepting suspect cargo ships. "I won't go into a great deal of depth on those aspects, that's very much an operational matter," Hupfeld said. "An airplane flying over the top can't stop anything from occurring," he added. The Sydney-based warship was currently in South Korea taking part in a fleet review, he said. Trump has encouraged US allies to maintain sanctions on North Korea until it denuclearises as part of what his administration has termed a campaign of "maximum pressure" against leader Kim Jong Un's government.

Australia assigns warship to enforce North Korean sanctions

North Korea's Foreign Minister Ri Yong Ho told the United Nations on Saturday that continued sanctions on Pyongyang were deepening its mistrust in the United States.

"Without any trust in the US&nbsp;there will be no confidence in our national security and under such circumstances there is no way we will unilaterally disarm ourselves first," Ri told the annual gathering of world leaders at the United Nations.

He accused the United States of hindering peace efforts on the Korean peninsula with its insistence on enforcing tough economic sanctions.

Addressing the United Nations General Assembly, Ri said "the recent deadlock is because the US relies on coercive measures which are lethal to trust-building."

North Korea's Foreign Minister Ri Yong Ho told the United Nations on Saturday that continued sanctions on Pyongyang were deepening its mistrust in the United States.

North Korea's Foreign Minister Ri Yong Ho told the United Nations on Saturday that continued sanctions on Pyongyang were deepening its mistrust in the United States. "Without any trust in the US there will be no confidence in our national security and under such circumstances there is no way we will unilaterally disarm ourselves first," Ri told the annual gathering of world leaders at the United Nations. He accused the United States of hindering peace efforts on the Korean peninsula with its insistence on enforcing tough economic sanctions. Addressing the United Nations General Assembly, Ri said "the recent deadlock is because the US relies on coercive measures which are lethal to trust-building."

North Korea says continued sanctions deepening mistrust in US

The United States announced on Friday it will effectively close its consulate in the Iraqi city of Basra and relocate diplomatic personnel assigned there following increasing threats from Iran and Iran-backed militia, including rocket fire.

The decision adds to mounting tension between the United States and Iran, which is the target of increasing US&nbsp;economic sanctions.

In Tehran, Iranian Foreign Ministry spokesman Bahram Qasemi said the consulate closure was "unjustified and unnecessary", and said Iran condemned any attack on diplomats or diplomatic locations, according to the ministry's website.

US&nbsp;Secretary of State Mike Pompeo, as he explained the move, renewed a warning that the United States would hold Iran directly responsible for any attacks on Americans and US&nbsp;diplomatic facilities.

It followed recent rocket attacks that Pompeo said were directed at the consulate in Basra. US&nbsp;officials said the rockets, however, had not impacted the consulate, which is located on the Basra airport compound.

"I have made clear that Iran should understand that the United States will respond promptly and appropriately to any such attacks," Pompeo said in a statement.

Pompeo did not explicitly say whether a US&nbsp;response was imminent, however, and other US&nbsp;officials did not disclose potential response options.

Still, Pompeo said the threats against US&nbsp;personnel and facilities in Iraq were "increasing and specific" and added that Washington was working with Iraqi forces and US&nbsp;allies to address them.

"We look to all international parties interested in peace and stability in Iraq and the region to reinforce our message to Iran regarding the unacceptability of their behavior," he said.

In a statement, the US&nbsp;State Department said the consulate was placed on "ordered departure," which technically involves a drawdown in staff. Although some personnel could remain on the diplomatic compound, the move is believed to effectively close the consulate, at least temporarily.

The decision came days after US&nbsp;President Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly, with Trump vowing more sanctions and accusing Iran's leaders of sowing "chaos, death and destruction."

Trump's national security adviser, John Bolton, speaking at a nearby event in New York on Tuesday, warned "there will indeed be hell to pay" if Iran crosses the United States, its allies or harms US&nbsp;citizens.

In May, Trump withdrew the United States from an international deal to put curbs on Iran's nuclear program in exchange for easing sanctions.

France, Britain, Germany, China and Russia have stayed in the pact, vowing to save it despite the restoration of US&nbsp;sanctions. The rial has lost 40 percent of its value against the US&nbsp;dollar since April.

Iran has blamed US&nbsp;sanctions for the currency's fall, saying the measures amount to a "political, psychological and economic" war on Tehran, and accused the United States and Israel of involvement in a deadly attack at a military parade in southwestern Iran this month.

Basra has already been rocked by violent protests seen by experts as a rejection of the Iraqi political establishment that has held on to power -- with the support of the United States and Iran -- despite failing to improve people's lives there.

Protesters in Basra ransacked and torched Iraqi government buildings this month and the Iranian consulate was set alight by demonstrators shouting condemnation of what many see as Iran's sway over Iraq's affairs.

For the first time in several years, mortar shells also landed this month inside Baghdad's heavily fortified Green Zone, which houses parliament, government buildings and many foreign embassies.

The United States announced on Friday it will effectively close its consulate in the Iraqi city of Basra and relocate diplomatic personnel assigned there following increasing threats from Iran and Iran-backed militia, including rocket fire.

The United States announced on Friday it will effectively close its consulate in the Iraqi city of Basra and relocate diplomatic personnel assigned there following increasing threats from Iran and Iran-backed militia, including rocket fire. The decision adds to mounting tension between the United States and Iran, which is the target of increasing US economic sanctions. In Tehran, Iranian Foreign Ministry spokesman Bahram Qasemi said the consulate closure was "unjustified and unnecessary", and said Iran condemned any attack on diplomats or diplomatic locations, according to the ministry's website. US Secretary of State Mike Pompeo, as he explained the move, renewed a warning that the United States would hold Iran directly responsible for any attacks on Americans and US diplomatic facilities. It followed recent rocket attacks that Pompeo said were directed at the consulate in Basra. US officials said the rockets, however, had not impacted the consulate, which is located on the Basra airport compound. "I have made clear that Iran should understand that the United States will respond promptly and appropriately to any such attacks," Pompeo said in a statement. Pompeo did not explicitly say whether a US response was imminent, however, and other US officials did not disclose potential response options. Still, Pompeo said the threats against US personnel and facilities in Iraq were "increasing and specific" and added that Washington was working with Iraqi forces and US allies to address them. "We look to all international parties interested in peace and stability in Iraq and the region to reinforce our message to Iran regarding the unacceptability of their behavior," he said. In a statement, the US State Department said the consulate was placed on "ordered departure," which technically involves a drawdown in staff. Although some personnel could remain on the diplomatic compound, the move is believed to effectively close the consulate, at least temporarily. The decision came days after US President Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly, with Trump vowing more sanctions and accusing Iran's leaders of sowing "chaos, death and destruction." Trump's national security adviser, John Bolton, speaking at a nearby event in New York on Tuesday, warned "there will indeed be hell to pay" if Iran crosses the United States, its allies or harms US citizens. In May, Trump withdrew the United States from an international deal to put curbs on Iran's nuclear program in exchange for easing sanctions. France, Britain, Germany, China and Russia have stayed in the pact, vowing to save it despite the restoration of US sanctions. The rial has lost 40 percent of its value against the US dollar since April. Iran has blamed US sanctions for the currency's fall, saying the measures amount to a "political, psychological and economic" war on Tehran, and accused the United States and Israel of involvement in a deadly attack at a military parade in southwestern Iran this month. Basra has already been rocked by violent protests seen by experts as a rejection of the Iraqi political establishment that has held on to power -- with the support of the United States and Iran -- despite failing to improve people's lives there. Protesters in Basra ransacked and torched Iraqi government buildings this month and the Iranian consulate was set alight by demonstrators shouting condemnation of what many see as Iran's sway over Iraq's affairs. For the first time in several years, mortar shells also landed this month inside Baghdad's heavily fortified Green Zone, which houses parliament, government buildings and many foreign embassies.

US pulls diplomats from Iraqi city, citing threats from Iran

Venezuela ordered the expulsion of the top two US diplomats in the country Tuesday, charging it was the victim of a "political and financial lynching" after Washington tightened sanctions over Nicolas Maduro's re-election.

Maduro announced the expulsions in a televised speech after being officially proclaimed the winner of Sunday's election in the South American nation mired in an acute economic crisis and facing growing international isolation.

The vote was boycotted by the main opposition parties and widely condemned by the international community, including the United States, which denounced it as a "sham."

The Venezuelan president declared US charge d'affaires Todd Robinson and deputy head of mission Brian Naranjo "personae non-gratae."

"They must leave the country in 48 hours in protest and in defence of the dignity of the Venezuelan homeland... Enough of conspiracies!" he said.

The United States immediately threatened to retaliate.

A State Department official told AFP that Washington had "not received notification from the Venezuelan government through diplomatic channels," but that if the expulsions are confirmed, "the United States may take appropriate reciprocal action."

On Monday, President Donald Trump tightened sanctions against Caracas, making it harder for the Maduro regime to sell off state assets.

"I repudiate all the sanctions that are sought against the Bolivarian Republic of Venezuela because they harm it, they generate suffering for the people of Venezuela," Maduro said in the speech.

He promised to present "evidence" that both diplomats were engaged in a political, military and economic "conspiracy."

Robinson denied the allegations.

"We strongly reject the accusations against me and against" Naranjo, he told journalists in the western city of Merida, promising to return there even despite Maduro expulsing him.

'Threat to world peace'

Washington and Caracas have not exchanged ambassadors since 2010, and relations between the two countries have been tense since the late leftist President Hugo Chavez, Maduro's mentor, assumed power in 1999.

The deeply unpopular Maduro was declared the winner with 68 percent of the vote, but with a record abstention rate.

The foreign ministry earlier lashed out at the US sanctions, accusing Washington of intensifying a "criminal financial and economic blockade," which it called a crime against humanity for impeding "access to essential goods."

"We alert the international community to the threat to world peace represented by the supremacist, racist and interventionist regime that governs Washington today, inspired by the nefarious postulates of the Ku Klux Klan," the foreign ministry said in a statement.

It said US policy "promotes hatred, intolerance and political and financial lynching" of Venezuela.

Venezuelans are reeling under a deepening crisis, with hyperinflation projected by the IMF to reach 13,800 percent this year and dire shortages of food and medicine.

Hundreds of thousands of people have fled the country to escape the growing deprivation.

Washington has previously slapped sanctions on the president and his senior aides, and banned US entities from buying any more debt from Caracas or state oil company PDVSA.

The European Union said it was also weighing new sanctions after the election was marred by "irregularities" and failed to meet international standards.

Caracas is facing increasing international isolation, with the United States, the European Union and the 14 countries of the Lima Group, which includes Argentina, Brazil and Canada, refusing to recognize the election result.

"Venezuela is beginning to suffer an economic boycott by the United States and its allies, and this is going to be fatal to the regime," political analyst Carlos Romero told AFP.

Maduro, a former bus driver, union leader and foreign minister, has insisted Venezuela is the victim of an "economic war" waged by the conservative opposition and external powers including the United States aimed at toppling him.

'The enemies of Venezuela'

Most economists attribute the oil-rich country's economic collapse to years of mismanagement, corruption and a period of sharply lower oil prices.

Maduro, 55, earlier Tuesday received his official credentials from the National Electoral Council, or CNE by its Spanish acronym, as the winner of the election.

"The CNE... confirms citizen Nicolas Maduro Moros as president of the Bolivarian Republic of Venezuela for a period of six years," starting in January 2019, CNE head Tibisay Lucena declared.

Lucena, from the same leftist party as Maduro, rejected allegations by the opposition and much of the international community that the polls were not legitimate.

"Never have we witnessed an international attack as bad as the one that characterized this process," she said.

"The voices of denunciation returned, without evidence. If offers up the possibility for the enemies of Venezuela to attack our sovereignty."

The United States immediately threatened to retaliate

Venezuela ordered the expulsion of the top two US diplomats in the country Tuesday, charging it was the victim of a "political and financial lynching" after Washington tightened sanctions over Nicolas Maduro's re-election. Maduro announced the expulsions in a televised speech after being officially proclaimed the winner of Sunday's election in the South American nation mired in an acute economic crisis and facing growing international isolation. The vote was boycotted by the main opposition parties and widely condemned by the international community, including the United States, which denounced it as a "sham." The Venezuelan president declared US charge d'affaires Todd Robinson and deputy head of mission Brian Naranjo "personae non-gratae." "They must leave the country in 48 hours in protest and in defence of the dignity of the Venezuelan homeland... Enough of conspiracies!" he said. The United States immediately threatened to retaliate. A State Department official told AFP that Washington had "not received notification from the Venezuelan government through diplomatic channels," but that if the expulsions are confirmed, "the United States may take appropriate reciprocal action." On Monday, President Donald Trump tightened sanctions against Caracas, making it harder for the Maduro regime to sell off state assets. "I repudiate all the sanctions that are sought against the Bolivarian Republic of Venezuela because they harm it, they generate suffering for the people of Venezuela," Maduro said in the speech. He promised to present "evidence" that both diplomats were engaged in a political, military and economic "conspiracy." Robinson denied the allegations. "We strongly reject the accusations against me and against" Naranjo, he told journalists in the western city of Merida, promising to return there even despite Maduro expulsing him. 'Threat to world peace' Washington and Caracas have not exchanged ambassadors since 2010, and relations between the two countries have been tense since the late leftist President Hugo Chavez, Maduro's mentor, assumed power in 1999. The deeply unpopular Maduro was declared the winner with 68 percent of the vote, but with a record abstention rate. The foreign ministry earlier lashed out at the US sanctions, accusing Washington of intensifying a "criminal financial and economic blockade," which it called a crime against humanity for impeding "access to essential goods." "We alert the international community to the threat to world peace represented by the supremacist, racist and interventionist regime that governs Washington today, inspired by the nefarious postulates of the Ku Klux Klan," the foreign ministry said in a statement. It said US policy "promotes hatred, intolerance and political and financial lynching" of Venezuela. Venezuelans are reeling under a deepening crisis, with hyperinflation projected by the IMF to reach 13,800 percent this year and dire shortages of food and medicine. Hundreds of thousands of people have fled the country to escape the growing deprivation. Washington has previously slapped sanctions on the president and his senior aides, and banned US entities from buying any more debt from Caracas or state oil company PDVSA. The European Union said it was also weighing new sanctions after the election was marred by "irregularities" and failed to meet international standards. Caracas is facing increasing international isolation, with the United States, the European Union and the 14 countries of the Lima Group, which includes Argentina, Brazil and Canada, refusing to recognize the election result. "Venezuela is beginning to suffer an economic boycott by the United States and its allies, and this is going to be fatal to the regime," political analyst Carlos Romero told AFP. Maduro, a former bus driver, union leader and foreign minister, has insisted Venezuela is the victim of an "economic war" waged by the conservative opposition and external powers including the United States aimed at toppling him. 'The enemies of Venezuela' Most economists attribute the oil-rich country's economic collapse to years of mismanagement, corruption and a period of sharply lower oil prices. Maduro, 55, earlier Tuesday received his official credentials from the National Electoral Council, or CNE by its Spanish acronym, as the winner of the election. "The CNE... confirms citizen Nicolas Maduro Moros as president of the Bolivarian Republic of Venezuela for a period of six years," starting in January 2019, CNE head Tibisay Lucena declared. Lucena, from the same leftist party as Maduro, rejected allegations by the opposition and much of the international community that the polls were not legitimate. "Never have we witnessed an international attack as bad as the one that characterized this process," she said. "The voices of denunciation returned, without evidence. If offers up the possibility for the enemies of Venezuela to attack our sovereignty."

Venezuela's Maduro expels US diplomats, rejects sanctions

The United States on Sunday threatened to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational.

White House National Security adviser John Bolton said US&nbspsanctions on European companies that maintain business dealings with Iran were "possible," but Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran.

Bolton struck a more hawkish tone with his comments in an interview with CNN's "State of the Union" program than Pompeo did when he was interviewed on "Fox News Sunday."

Also read: <a href="http://www.wionews.com/world/pompeo-withdrawal-from-iran-deal-wasnt-aimed-at-the-europeans-136612">Withdrawal from Iran deal 'wasn't aimed at the Europeans'</a>

US&nbspPresident Donald Trump on May 8 announced that the United States was withdrawing from a 2015 deal negotiated by the Obama administration.

So far, China, France, Russia, Britain, the European Union and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of U.S. economic sanctions against Iran and companies doing business there.

Also read:&nbsp<a href="http://www.wionews.com/world/us-to-lift-sanctions-on-north-korea-if-it-meets-demands-says-pompeo-136599">US to lift sanctions on North Korea if it meets demands, says Pompeo</a>

Despite the US&nbspexit, Britain and Iran on Sunday expressed their commitment to ensuring that the accord is upheld, according to a statement released by British Prime Minister Theresa May's office.

And Germany said it will spend the next few months trying to persuade Washington to change its mind.

When asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: "It's possible. It depends on the conduct of other governments."

Pompeo said he was "hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behaviour, not just their nuclear program, but their missiles and their malign behavior as well."

'REGIME CHANGE'

The US&nbspwithdrawal from the Iran deal has upset Washington's European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East.

Germany's minister for economic affairs, Peter Altmaier, said on Sunday that Berlin will try to "persuade the US&nbspgovernment to change its behaviour."

In an interview with ZDF public television, Altmaier noted the United States has set a 90-day deadline for foreign firms to comply with the return of sanctions and that this period can be used to convince Washington to change course.

Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal. On Saturday, French President Emmanuel Macron told Trump in a telephone call that he was worried about stability in the Middle East, according to Macron's office.

As a private citizen, Bolton in the past has suggested that the United States push for a change in Iran's government. But in an interview aired on the ABC's "This Week" program, Bolton said, "That's not the policy of the administration. The policy of the administration is to make sure that Iran never gets close to deliverable nuclear weapons."

In the CNN interview, Bolton did not respond directly when asked whether Trump might seek "regime change" in Iran, or whether the U.S. military would be ordered to make a preemptive strike against any Iranian nuclear facility.

"I'm not the national security decision-maker," Bolton said, adding that Trump "makes the decision and the advice that I give him is between us."

When pressed by CNN on whether the Trump administration would sanction European firms that continue to do business with Iran, Bolton said, "I think the Europeans will see that it's in their interest ultimately to come along with us."

Bolton said Europe was still digesting Trump's May 8 move.

"I think at the moment there's some feeling in Europe - they're really surprised we got out of it, really surprised at the reimposition of strict sanctions. I think that will sink in we'll see what happens then," Bolton said.

The US threatened to impose sanctions on European companies that do business with Iran even as the remaining participants in the Iran nuclear accord stiffened their resolve to keep the agreement operational

The United States on Sunday threatened to impose sanctions on European companies that do business with Iran, as the remaining participants in the Iran nuclear accord stiffened their resolve to keep that agreement operational. White House National Security adviser John Bolton said US&nbspsanctions on European companies that maintain business dealings with Iran were "possible," but Secretary of State Mike Pompeo said he remained hopeful Washington and its allies could strike a new nuclear deal with Tehran. Bolton struck a more hawkish tone with his comments in an interview with CNN's "State of the Union" program than Pompeo did when he was interviewed on "Fox News Sunday." Also read: Withdrawal from Iran deal 'wasn't aimed at the Europeans' US&nbspPresident Donald Trump on May 8 announced that the United States was withdrawing from a 2015 deal negotiated by the Obama administration. So far, China, France, Russia, Britain, the European Union and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of U.S. economic sanctions against Iran and companies doing business there. Also read: US to lift sanctions on North Korea if it meets demands, says Pompeo Despite the US&nbspexit, Britain and Iran on Sunday expressed their commitment to ensuring that the accord is upheld, according to a statement released by British Prime Minister Theresa May's office. And Germany said it will spend the next few months trying to persuade Washington to change its mind. When asked whether the United States might impose sanctions on European companies that continue to do business with Iran, Bolton told CNN: "It's possible. It depends on the conduct of other governments." Pompeo said he was "hopeful in the days and weeks ahead we can come up with a deal that really works, that really protects the world from Iranian bad behaviour, not just their nuclear program, but their missiles and their malign behavior as well." 'REGIME CHANGE' The US&nbspwithdrawal from the Iran deal has upset Washington's European allies, cast uncertainty over global oil supplies and raised the risk of conflict in the Middle East. Germany's minister for economic affairs, Peter Altmaier, said on Sunday that Berlin will try to "persuade the US&nbspgovernment to change its behaviour." In an interview with ZDF public television, Altmaier noted the United States has set a 90-day deadline for foreign firms to comply with the return of sanctions and that this period can be used to convince Washington to change course. Israel and Iran engaged in an extensive military exchange on the heels of Trump's decision to leave the deal. On Saturday, French President Emmanuel Macron told Trump in a telephone call that he was worried about stability in the Middle East, according to Macron's office. As a private citizen, Bolton in the past has suggested that the United States push for a change in Iran's government. But in an interview aired on the ABC's "This Week" program, Bolton said, "That's not the policy of the administration. The policy of the administration is to make sure that Iran never gets close to deliverable nuclear weapons." In the CNN interview, Bolton did not respond directly when asked whether Trump might seek "regime change" in Iran, or whether the U.S. military would be ordered to make a preemptive strike against any Iranian nuclear facility. "I'm not the national security decision-maker," Bolton said, adding that Trump "makes the decision and the advice that I give him is between us." When pressed by CNN on whether the Trump administration would sanction European firms that continue to do business with Iran, Bolton said, "I think the Europeans will see that it's in their interest ultimately to come along with us." Bolton said Europe was still digesting Trump's May 8 move. "I think at the moment there's some feeling in Europe - they're really surprised we got out of it, really surprised at the reimposition of strict sanctions. I think that will sink in we'll see what happens then," Bolton said.

US threatens sanctions on European companies doing business with Iran

Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new US&nbspsanctions against Iran.

US&nbspWest Texas Intermediate (WTI) crude futures were trading 1 cent lower at $68.42 per barrel by 0258 GMT.

Brent crude oil futures were at $73.59 per barrel, down 3 cents, or 0.04 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading.

Technical analysis from Reuters' Wang Tao showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45.

Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US&nbspcrude inventory build for clues.

Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed.

"Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease.

European powers still want to hand Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting EU-Iranian business ties if the US&nbsppresident makes good on a threat to withdraw, six sources told Reuters.

Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note.

Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program.

Aside from security concerns, growing US&nbspcrude supplies are capping price gains.

West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit its lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures.

Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters.

Multi-year low spot market prices followed US&nbspgovernment data that showed a 6.2-million-barrel jump in crude inventories last week.

The United States now produces more crude oil than top exporter Saudi Arabia.

Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US crude inventory build for clues

Oil prices held steady on Friday after shedding earlier gains, as market jitters kicked in over the prospect of geopolitical risks from possible new US&nbspsanctions against Iran. US&nbspWest Texas Intermediate (WTI) crude futures were trading 1 cent lower at $68.42 per barrel by 0258 GMT. Brent crude oil futures were at $73.59 per barrel, down 3 cents, or 0.04 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading. Technical analysis from Reuters' Wang Tao showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45. Friday morning's fluctuations came as investors sifted through the upcoming Iran sanction decision and an increasing US&nbspcrude inventory build for clues. Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed. "Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease. European powers still want to hand Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting EU-Iranian business ties if the US&nbsppresident makes good on a threat to withdraw, six sources told Reuters. Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note. Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program. Aside from security concerns, growing US&nbspcrude supplies are capping price gains. West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit its lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures. Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters. Multi-year low spot market prices followed US&nbspgovernment data that showed a 6.2-million-barrel jump in crude inventories last week. The United States now produces more crude oil than top exporter Saudi Arabia.

Oil prices hold steady as US decision on Iran sanctions looms 

Defence Secretary Jim Mattis appealed to the Congress to urgently provide India the national security waiver, saying imposing sanctions on it under a newly-enacted law for buying the S-400 air defence missile system from Russia would only hit the US.

During a Congressional hearing held by the Senate Armed Services Committee, Mattis told American lawmakers that the national security waiver should be urgently provided to India and other countries which are trying to turn away from formerly Russian-sourced weapons to avoid sanctions under Countering America's Adversaries Through Sanctions Act (CAATSA).

CAATSA, which was signed into law in August 2017 and went into effect in January this year, mandates the Trump administration to punish entities engaging in a significant transaction with the defence or intelligence sectors of Russia.

India is currently in an advance stage of negotiations with Russia for five S-400 system worth an estimated USD 4.5 billion.

The S-400 Triumf long-range air defence missile system has the capability to destroy incoming hostile aircraft, missiles and even drones at ranges of up to 400 km. The S-400 missile system can fire three types of missiles and simultaneously engage 36 targets, thereby creating a layered defence.

Unlike other legislations, there is no national security interest waiver under CAATSA. And imposing sanctions on countries like India would only hit the United States, Mattis said.

"There is no national security waiver to what is referred to as the CAATSA Act, the specific act that says that, if another nation buys military equipment from Russia, then we will not sell them ours," Mattis told lawmakers.&nbsp;

"There are nations in the world which are trying to turn away from formerly Russian-sourced weapons and systems like this. We only need to look at India, Vietnam and some others to recognise that, eventually, we're going to paralyse ourselves,"&nbsp;he said.

"So what we ask for is that the Senate and the House pass a national security waiver in the hand of the secretary of state -- I'm not asking for myself. Foreign policy is driven from Foggy Bottom. So, if he has the waiver authority and I can go to him and show it's in our best interest, then we get an internal management of this process, but it keeps us from being boxed in by the Russians,"&nbsp;Mattis said.

The Defence Secretary was responding to a question from Senator Jack Reed on Russia sanctions. "In the wake of the annexation of Crimea and the activity in Ukraine, Congress, in the 2015 NDAA, prohibited bilateral military-military cooperation with Russia, which, at the time, seemed to make perfectly good sense,"&nbsp;he said.

"At this moment, when we're in a very challenging situation in many areas of the world, would it make sense to review those provisions and give you more flexibility in ways in which you could conduct military-to-military dialogue with Russia in certain situations?"&nbsp;Reed asked.

The CAATSA issue was also raised by Senator Tom Cotton. "You mentioned two specific countries, India and Vietnam, that have legacy Russian systems. They might face real challenges going cold turkey, so to speak, under CAATSA,"&nbsp;he said.

"So, you're suggesting the national security waiver as a way that this Congress can empower soon-to-be-Secretary Pompeo to address the concerns that you have with those two countries, is that right?"&nbsp;Cotton asked.

"That's correct. And there's other countries. Indonesia, for example is in the same situation, trying to shift to more of our airplanes, our systems. But they've got to do something to keep their legacy military going,"&nbsp;Mattis said.

Over the past several weeks, the Pentagon, lawmakers and experts have raised concerns over CAATSA legislation. Top American lawmakers and experts have warned that imposition of sanctions on India under a newly-enacted law if it buys the S-400 air defence missile system from Russia could be disastrous for the Indo-US ties.

At an event on the Capitol Hill, experts and lawmakers yesterday warned that any imposition of sanctions on India, which is now a major defence partner, could be disastrous for the bilateral relationship and as such there is an urgent need to prevent that from happening.

"CAATSA sanctions would damage US-India relationship, warned Keith Webster," who represented Pentagon in the Defence Trade and Technology Initiative (DTTI) in the previous Obama Administration.&nbsp;

He is currently president of the defence and aerospace export council US Chamber of Commerce.

"I do think, it (CAATSA) is a serious issue that needs to be dealt. There needs to be a dialogue between the US and India. Our goal is not to sanction India," Congressman Joe Crowley, House Democratic Caucus Chairman, said at the US-India Friendship event."&nbsp;

India is currently in an advance stage of negotiations with Russia for five S-400 system worth an estimated USD 4.5 billion.

Defence Secretary Jim Mattis appealed to the Congress to urgently provide India the national security waiver, saying imposing sanctions on it under a newly-enacted law for buying the S-400 air defence missile system from Russia would only hit the US. During a Congressional hearing held by the Senate Armed Services Committee, Mattis told American lawmakers that the national security waiver should be urgently provided to India and other countries which are trying to turn away from formerly Russian-sourced weapons to avoid sanctions under Countering America's Adversaries Through Sanctions Act (CAATSA). CAATSA, which was signed into law in August 2017 and went into effect in January this year, mandates the Trump administration to punish entities engaging in a significant transaction with the defence or intelligence sectors of Russia. India is currently in an advance stage of negotiations with Russia for five S-400 system worth an estimated USD 4.5 billion. The S-400 Triumf long-range air defence missile system has the capability to destroy incoming hostile aircraft, missiles and even drones at ranges of up to 400 km. The S-400 missile system can fire three types of missiles and simultaneously engage 36 targets, thereby creating a layered defence. Unlike other legislations, there is no national security interest waiver under CAATSA. And imposing sanctions on countries like India would only hit the United States, Mattis said. "There is no national security waiver to what is referred to as the CAATSA Act, the specific act that says that, if another nation buys military equipment from Russia, then we will not sell them ours," Mattis told lawmakers. "There are nations in the world which are trying to turn away from formerly Russian-sourced weapons and systems like this. We only need to look at India, Vietnam and some others to recognise that, eventually, we're going to paralyse ourselves," he said. "So what we ask for is that the Senate and the House pass a national security waiver in the hand of the secretary of state -- I'm not asking for myself. Foreign policy is driven from Foggy Bottom. So, if he has the waiver authority and I can go to him and show it's in our best interest, then we get an internal management of this process, but it keeps us from being boxed in by the Russians," Mattis said. The Defence Secretary was responding to a question from Senator Jack Reed on Russia sanctions. "In the wake of the annexation of Crimea and the activity in Ukraine, Congress, in the 2015 NDAA, prohibited bilateral military-military cooperation with Russia, which, at the time, seemed to make perfectly good sense," he said. "At this moment, when we're in a very challenging situation in many areas of the world, would it make sense to review those provisions and give you more flexibility in ways in which you could conduct military-to-military dialogue with Russia in certain situations?" Reed asked. The CAATSA issue was also raised by Senator Tom Cotton. "You mentioned two specific countries, India and Vietnam, that have legacy Russian systems. They might face real challenges going cold turkey, so to speak, under CAATSA," he said. "So, you're suggesting the national security waiver as a way that this Congress can empower soon-to-be-Secretary Pompeo to address the concerns that you have with those two countries, is that right?" Cotton asked. "That's correct. And there's other countries. Indonesia, for example is in the same situation, trying to shift to more of our airplanes, our systems. But they've got to do something to keep their legacy military going," Mattis said. Over the past several weeks, the Pentagon, lawmakers and experts have raised concerns over CAATSA legislation. Top American lawmakers and experts have warned that imposition of sanctions on India under a newly-enacted law if it buys the S-400 air defence missile system from Russia could be disastrous for the Indo-US ties. At an event on the Capitol Hill, experts and lawmakers yesterday warned that any imposition of sanctions on India, which is now a major defence partner, could be disastrous for the bilateral relationship and as such there is an urgent need to prevent that from happening. "CAATSA sanctions would damage US-India relationship, warned Keith Webster," who represented Pentagon in the Defence Trade and Technology Initiative (DTTI) in the previous Obama Administration. He is currently president of the defence and aerospace export council US Chamber of Commerce. "I do think, it (CAATSA) is a serious issue that needs to be dealt. There needs to be a dialogue between the US and India. Our goal is not to sanction India," Congressman Joe Crowley, House Democratic Caucus Chairman, said at the US-India Friendship event."

Imposing sanctions on India over defence deal with Russia will hit US: Jim Mattis

US sanctions on Russian military exports have put the brakes on a $6 billion deal with India and may derail the arms purchases of other US allies around Asia, experts say.

Under a law that US President Donald Trump signed in August, any country trading with Russia's defence and intelligence sectors will face sanctions.

The law is designed to punish Russian President Vladimir Putin for the 2014 annexation of Crimea from Ukraine, involvement in the Syrian civil war and meddling in the 2016 US presidential election.

But American allies who buy weapons and equipment from Russia, the world's second-largest arms exporter, could suffer as well.

The highest-profile example is India, which wants to buy five S-400 long-range surface-to-air missile systems that the country's military sees as a game changer. The systems are touted as being able to counter the ballistic missiles and stealth aircraft that China is developing while overwhelming the capabilities of Pakistan, India's other main adversary.

The deal, which Putin and Indian Prime Minister Narendra Modi struck as part of an inter-government agreement in 2016, has run headlong into the US sanctions law, two officials in Delhi said.

Indonesia and Vietnam also buy weapons from Russia while being regional partners of the United States. Jakarta closed a $1.14 billion pact for Sukhoi fighters recently, while Vietnam is seeking more jet fighter-bombers from Russia.

And with both Almaz-Antey Air and Space Defense Corporation, which makes the S-400, and Rosoboronexport, which negotiates Russian export deals, listed as under sanction, those deals have become trickier.

"The optics of a major arms purchase from Russia looks quite 'iffy' from the point of view of Western capitals, especially at a time when Russia-West relations are at an all-time low and India seeks strategic convergence with the West, including with the US" said Abhijnan Rej, a defence strategy expert at Observer Research Foundation, a New Delhi think tank.

The US-led airstrikes this month against facilities of the Syrian government, an ally of Russia, has further aggravated tensions between the superpowers.

A Russian source close to the Indian S-400 deal said: "a lot will depend on the confidence and sanity of our Indian partners."

Wider impact

The effects of the US sanctions law could be more sweeping than intended, said Cara Abercrombie, a visiting scholar at the Carnegie Endowment for International Peace.

Vietnam, whose air force flies Russian-made Su-30 fighters and uses the S-300 air defence system, wants to continue modernising its inventory.

Vietnamese military scholar Carl Thayer said he believed Moscow was still pushing Hanoi to invest in state-of-the-art S-400 missile defences as part of its long-term military plans.

"I think it is clear that Russia is still pressing Vietnam for big deals," Thayer said, noting that the two countries already have had reciprocal visits by defence ministers this year.

But with the United States working hard to promote sales of American military hardware, and sanctions against Russia's exporting agencies, Vietnam's plans could prove overly costly. 
Indonesia, meanwhile, said the delivery of the first couple of Sukhoi Su-35 jets out of a total of 11 is on track for this year. Officials said that so far they did not anticipate any changes to the deal with the Russians.

Indonesian defence officials declined to describe what, if anything, they might do to tackle the fallout of the sanctions imposed on Russian arms sales.

A thorny problem

Indian foreign secretary Vijay Gokhale and defence secretary Sanjay Mitra held discussions with US officials in Washington last month to try to find a solution, a second Indian official said.

The issue is crucial to the Indian military, because without Russian parts, supplies and maintenance help, "our ships won't sail, our planes won't fly," the official said. "We can hardly be the regional security provider that America wants us to be at this rate."

One way to avoid secondary sanctions would be if the US determines that India is reducing its dependence on Russian arms, said Atman Trivedi, managing director of Hills & Company, a Washington-based firm that advises on international trade and investment.

Russian hardware represented 62 percent of the country's total weapons imports during the past five years, compared with 79 percent in 2008-2012, the Stockholm Peace Research Institute said in a report last month.

The US administration could also declare that imposing sanctions on India, a major defence partner, would hurt US national security interests. That would allow a waiver permitting India to do business with Russia.

The United States has emerged as India's No. 2 weapons supplier, closing $15 billion worth of deals over the last decade. Now Lockheed Martin and Boeing are leading the race to provide India with a fleet of new fighter-bombers, one of the world's largest open tenders.

"The intent of the legislation was never to disrupt US-India defence relations, which Congress has repeatedly recognised in law as a strategic priority to the US," said Benjamin Schwartz, aerospace and defence head at the United States India Business Council.

Abercrombie of Carnegie added that if Congress grants waivers to India, it may also need to do so for other countries such as Vietnam and Indonesia.

"The bottom line: India warrants an exemption from these secondary sanctions, as does any country with which the US is forging new and strategically important defence relations," she said.

India wants to buy five S-400 long-range surface-to-air missile systems that the country's military sees as a game changer.

US sanctions on Russian military exports have put the brakes on a $6 billion deal with India and may derail the arms purchases of other US allies around Asia, experts say. Under a law that US President Donald Trump signed in August, any country trading with Russia's defence and intelligence sectors will face sanctions. The law is designed to punish Russian President Vladimir Putin for the 2014 annexation of Crimea from Ukraine, involvement in the Syrian civil war and meddling in the 2016 US presidential election. But American allies who buy weapons and equipment from Russia, the world's second-largest arms exporter, could suffer as well. The highest-profile example is India, which wants to buy five S-400 long-range surface-to-air missile systems that the country's military sees as a game changer. The systems are touted as being able to counter the ballistic missiles and stealth aircraft that China is developing while overwhelming the capabilities of Pakistan, India's other main adversary. The deal, which Putin and Indian Prime Minister Narendra Modi struck as part of an inter-government agreement in 2016, has run headlong into the US sanctions law, two officials in Delhi said. Indonesia and Vietnam also buy weapons from Russia while being regional partners of the United States. Jakarta closed a $1.14 billion pact for Sukhoi fighters recently, while Vietnam is seeking more jet fighter-bombers from Russia. And with both Almaz-Antey Air and Space Defense Corporation, which makes the S-400, and Rosoboronexport, which negotiates Russian export deals, listed as under sanction, those deals have become trickier. "The optics of a major arms purchase from Russia looks quite 'iffy' from the point of view of Western capitals, especially at a time when Russia-West relations are at an all-time low and India seeks strategic convergence with the West, including with the US" said Abhijnan Rej, a defence strategy expert at Observer Research Foundation, a New Delhi think tank. The US-led airstrikes this month against facilities of the Syrian government, an ally of Russia, has further aggravated tensions between the superpowers. A Russian source close to the Indian S-400 deal said: "a lot will depend on the confidence and sanity of our Indian partners." Wider impact The effects of the US sanctions law could be more sweeping than intended, said Cara Abercrombie, a visiting scholar at the Carnegie Endowment for International Peace. Vietnam, whose air force flies Russian-made Su-30 fighters and uses the S-300 air defence system, wants to continue modernising its inventory. Vietnamese military scholar Carl Thayer said he believed Moscow was still pushing Hanoi to invest in state-of-the-art S-400 missile defences as part of its long-term military plans. "I think it is clear that Russia is still pressing Vietnam for big deals," Thayer said, noting that the two countries already have had reciprocal visits by defence ministers this year. But with the United States working hard to promote sales of American military hardware, and sanctions against Russia's exporting agencies, Vietnam's plans could prove overly costly. Indonesia, meanwhile, said the delivery of the first couple of Sukhoi Su-35 jets out of a total of 11 is on track for this year. Officials said that so far they did not anticipate any changes to the deal with the Russians. Indonesian defence officials declined to describe what, if anything, they might do to tackle the fallout of the sanctions imposed on Russian arms sales. A thorny problem Indian foreign secretary Vijay Gokhale and defence secretary Sanjay Mitra held discussions with US officials in Washington last month to try to find a solution, a second Indian official said. The issue is crucial to the Indian military, because without Russian parts, supplies and maintenance help, "our ships won't sail, our planes won't fly," the official said. "We can hardly be the regional security provider that America wants us to be at this rate." One way to avoid secondary sanctions would be if the US determines that India is reducing its dependence on Russian arms, said Atman Trivedi, managing director of Hills & Company, a Washington-based firm that advises on international trade and investment. Russian hardware represented 62 percent of the country's total weapons imports during the past five years, compared with 79 percent in 2008-2012, the Stockholm Peace Research Institute said in a report last month. The US administration could also declare that imposing sanctions on India, a major defence partner, would hurt US national security interests. That would allow a waiver permitting India to do business with Russia. The United States has emerged as India's No. 2 weapons supplier, closing $15 billion worth of deals over the last decade. Now Lockheed Martin and Boeing are leading the race to provide India with a fleet of new fighter-bombers, one of the world's largest open tenders. "The intent of the legislation was never to disrupt US-India defence relations, which Congress has repeatedly recognised in law as a strategic priority to the US," said Benjamin Schwartz, aerospace and defence head at the United States India Business Council. Abercrombie of Carnegie added that if Congress grants waivers to India, it may also need to do so for other countries such as Vietnam and Indonesia. "The bottom line: India warrants an exemption from these secondary sanctions, as does any country with which the US is forging new and strategically important defence relations," she said.

US sanctions on Russian arms put brakes on $6 billion deal with India

The Rohingya crisis has put Bangladesh in the most difficult of positions. The international community has extended solidarity to Bangladesh but beyond that, there has been little financial assistance with when it comes rehabilitating the very large population - 1,000,000 - of Rohingya currently taking refuge in Bangladesh.&nbsp;

Nor has Myanmar been held accountable for its actions.&nbsp;

Until the apartheid in Myanmar is dismantled and the country's government held accountable for the atrocities that have been committed, repatriation of the Rohingya will not be sustainable. WION's Bangladesh bureau chief Saad Hammadi speaks to Dr Gowher Rizvi, international affairs advisor to Bangladeshi Prime Minister Sheikh Hasina.

WION: Dr Rizvi, thank you for speaking to WION. I would first like to ask you how you feel about the response from the international community?

Gowher Rizvi: At one level the response of the international community has been most heartening. In a sense there is hardly a country in the world which has not condemned Myanmar and has not supported and appreciated the gesture of Bangladesh in taking in about a million Myanmar refugees into the country. To that extent we are really pleased. However, just verbal support is not enough. We know that Myanmar is stubborn. It has no intention of moving away from its position. The only way to be moved is when pressure is brought on. Myanmar is playing a very skilful game. Whenever there is some discussion in the United Nations, whenever there is a possibility that this will be raised in some international forum, some movement takes place but the real test is the repatriation of the refugees back to Myanmar. No progress has been made there. Unfortunately, the international community has not taken sterner measures without which nothing seems to happen.

WION: With regard to the geopolitics in this area, Bangladesh's closest allies are India and China. How do you feel about their responses?

Gowher Rizvi: We have been in conversation both with China and India. We are really satisfied and happy with their responses. One thing which is very important to realise is that every country has multiple interests, multiple priorities. For India or China, Rohingya issue or Bangladesh or Myanmar cannot be the only issue. They have to balance many of their other interests. Secondly, we know we have excellent relationship with India and with China. We do not want to put India or China in a position where we say you are with us or against us. That is not how diplomacy is played out. They have offered their help, they are using their influence, they are bringing subtle pressures and we are working hand in hand. I believe both of them are working in the right direction, although as I said, we are now reaching a point where we have to perhaps move beyond closed room diplomacy to some real hard international actions.

WION: You have referred to more pressure being exerted on Myanmar to create the conditions for the repatriation to take place. What do you feel should be the immediate actions?

Gowher Rizvi: For first, Myanmar must accept international observers, must accept international humanitarian organisations, the UN agency, International Committee for Red Cross, International Organisation for Migration, who will be there on the ground to monitor the situation, to make sure that the environment is safe and free for the Rohingyas to return. Unless that happens, no refugee will willingly go back to face the same brutality, massacre, genocide that they escaped from in August and September.

WION: Very recently, you have also mentioned sanctions. Will you tell us more about what you meant?

Gowher Rizvi: It is very obvious. We know that there was a sanction against Myanmar to bring its hardline military rulers to behave and those sanctions were lifted as a response to the state counsellor Daw Aung San Suu Kyi in the hope that there would be democracy, there would be opening of the Myanmar society and Myanmar would behave as a responsible member of the international community. Sadly, Myanmar took all the concessions but has not moved. The military still controls, the elected leaders wield very little power. In these circumstances our expectation that the removal of sanctions will enable democracy to flourish has not happened and as a matter of fact it has encouraged the military to launch this campaign of genocide, ethnic cleansing, the worst of its kind that we can remember. It is now time for countries to reconsider posing economic sanctions, military sanctions, travel restrictions, stopping foreign investment, denying access of market to Myanmar products. When these things happen, the military in Myanmar will come to senses. Until then I fear these will be all empty talks. Myanmar knows that after a while the global attention will shift somewhere else. Please remember, this is a very well designed, carefully planned genocide to push an entire ethnic group out of the country and we need to be very careful and remember that. I also believe we need to document all the egregious human rights violations that are taking place, the genocide that has taken place. At some point, I hope these human rights organisations, Human Rights Watch and so forth, will take these to the International Criminal Court of Justice.&nbsp;

WION: Clearly that would be the real test of humanity for the international community. While the Rohingya community have moved here to Bangladesh, in the southern Cox's Bazar, the monsoon is also approaching. A landslide could take place, how challenging will it be to avoid a catastrophe?

Gowher Rizvi: As you can see, Bangladesh is a very small country, extremely congested, by far the most densely populated country in the world. Despite that we have taken in a million people and opened up whatever we have, whatever little land that was available. We have housed them, we are feeding them, we are providing healthcare and we are providing security. Bangladesh is doing and will continue to do everything within its power. There is indeed the danger of mudslide because the terrain is such that there is going to be a mudslide. That is why we are also trying to make an alternative arrangement in a neighbouring island so that those who are most vulnerable can be safely evacuated there and in conditions which are habitable, which are up to the standards, meets the necessities of the refugees. We are doing everything we can. I think the international community, rather than focusing on Bangladesh and what more can Bangladesh do, should be looking into Myanmar. Bangladesh did not create this problem. The problem was created by Myanmar. The solution lies in Myanmar. Therefore, we should be looking there. As far as our prime minister is concerned, she has really done a very humane thing, a courageous thing to take them in. She has promised that she wants them to voluntarily go back. We are not pushing them. We have upheld the highest level of international and humanitarian law. And we will continue to do. I do believe the focus needs to be on Myanmar where the problem is.

I think we have to also be aware of the larger issues. What we are seeing today is a dictatorial, tyrannical regime ousting an entire ethnic community from the soils of Myanmar and if the global community accepts this, then I fear there will be upheaval in many corners. There are minorities in every country. Minorities in every country will come under threat. We need to be very mindful of that and we should not allow any country to get away with it. There is another thing that we need to be thinking about. This camp of a million people is a potential for recruitment of extremists. We are protecting it, we are making sure no such thing happens. But over years, as we have seen in other camps, this becomes a breeding ground for terrorists. If that happens, our entire region, Bangladesh, India, Myanmar, Thailand, none of us will be safe. The stakes are really high and we must move as fast as possible to make sure the root cause is eliminated.&nbsp;

Watch the full interview below:&nbsp;

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/hqhPmIu3gtc" width="560"></iframe>

Gowher Rizvi, international affairs adviser to Bangladesh PM Sheikh Hasina, spoke to WION's Bangladesh bureau chief Saad Hammadi

The Rohingya crisis has put Bangladesh in the most difficult of positions. The international community has extended solidarity to Bangladesh but beyond that, there has been little financial assistance with when it comes rehabilitating the very large population - 1,000,000 - of Rohingya currently taking refuge in Bangladesh. Nor has Myanmar been held accountable for its actions. Until the apartheid in Myanmar is dismantled and the country's government held accountable for the atrocities that have been committed, repatriation of the Rohingya will not be sustainable. WION's Bangladesh bureau chief Saad Hammadi speaks to Dr Gowher Rizvi, international affairs advisor to Bangladeshi Prime Minister Sheikh Hasina. WION: Dr Rizvi, thank you for speaking to WION. I would first like to ask you how you feel about the response from the international community? Gowher Rizvi: At one level the response of the international community has been most heartening. In a sense there is hardly a country in the world which has not condemned Myanmar and has not supported and appreciated the gesture of Bangladesh in taking in about a million Myanmar refugees into the country. To that extent we are really pleased. However, just verbal support is not enough. We know that Myanmar is stubborn. It has no intention of moving away from its position. The only way to be moved is when pressure is brought on. Myanmar is playing a very skilful game. Whenever there is some discussion in the United Nations, whenever there is a possibility that this will be raised in some international forum, some movement takes place but the real test is the repatriation of the refugees back to Myanmar. No progress has been made there. Unfortunately, the international community has not taken sterner measures without which nothing seems to happen. WION: With regard to the geopolitics in this area, Bangladesh's closest allies are India and China. How do you feel about their responses? Gowher Rizvi: We have been in conversation both with China and India. We are really satisfied and happy with their responses. One thing which is very important to realise is that every country has multiple interests, multiple priorities. For India or China, Rohingya issue or Bangladesh or Myanmar cannot be the only issue. They have to balance many of their other interests. Secondly, we know we have excellent relationship with India and with China. We do not want to put India or China in a position where we say you are with us or against us. That is not how diplomacy is played out. They have offered their help, they are using their influence, they are bringing subtle pressures and we are working hand in hand. I believe both of them are working in the right direction, although as I said, we are now reaching a point where we have to perhaps move beyond closed room diplomacy to some real hard international actions. WION: You have referred to more pressure being exerted on Myanmar to create the conditions for the repatriation to take place. What do you feel should be the immediate actions? Gowher Rizvi: For first, Myanmar must accept international observers, must accept international humanitarian organisations, the UN agency, International Committee for Red Cross, International Organisation for Migration, who will be there on the ground to monitor the situation, to make sure that the environment is safe and free for the Rohingyas to return. Unless that happens, no refugee will willingly go back to face the same brutality, massacre, genocide that they escaped from in August and September. WION: Very recently, you have also mentioned sanctions. Will you tell us more about what you meant? Gowher Rizvi: It is very obvious. We know that there was a sanction against Myanmar to bring its hardline military rulers to behave and those sanctions were lifted as a response to the state counsellor Daw Aung San Suu Kyi in the hope that there would be democracy, there would be opening of the Myanmar society and Myanmar would behave as a responsible member of the international community. Sadly, Myanmar took all the concessions but has not moved. The military still controls, the elected leaders wield very little power. In these circumstances our expectation that the removal of sanctions will enable democracy to flourish has not happened and as a matter of fact it has encouraged the military to launch this campaign of genocide, ethnic cleansing, the worst of its kind that we can remember. It is now time for countries to reconsider posing economic sanctions, military sanctions, travel restrictions, stopping foreign investment, denying access of market to Myanmar products. When these things happen, the military in Myanmar will come to senses. Until then I fear these will be all empty talks. Myanmar knows that after a while the global attention will shift somewhere else. Please remember, this is a very well designed, carefully planned genocide to push an entire ethnic group out of the country and we need to be very careful and remember that. I also believe we need to document all the egregious human rights violations that are taking place, the genocide that has taken place. At some point, I hope these human rights organisations, Human Rights Watch and so forth, will take these to the International Criminal Court of Justice. WION: Clearly that would be the real test of humanity for the international community. While the Rohingya community have moved here to Bangladesh, in the southern Cox's Bazar, the monsoon is also approaching. A landslide could take place, how challenging will it be to avoid a catastrophe? Gowher Rizvi: As you can see, Bangladesh is a very small country, extremely congested, by far the most densely populated country in the world. Despite that we have taken in a million people and opened up whatever we have, whatever little land that was available. We have housed them, we are feeding them, we are providing healthcare and we are providing security. Bangladesh is doing and will continue to do everything within its power. There is indeed the danger of mudslide because the terrain is such that there is going to be a mudslide. That is why we are also trying to make an alternative arrangement in a neighbouring island so that those who are most vulnerable can be safely evacuated there and in conditions which are habitable, which are up to the standards, meets the necessities of the refugees. We are doing everything we can. I think the international community, rather than focusing on Bangladesh and what more can Bangladesh do, should be looking into Myanmar. Bangladesh did not create this problem. The problem was created by Myanmar. The solution lies in Myanmar. Therefore, we should be looking there. As far as our prime minister is concerned, she has really done a very humane thing, a courageous thing to take them in. She has promised that she wants them to voluntarily go back. We are not pushing them. We have upheld the highest level of international and humanitarian law. And we will continue to do. I do believe the focus needs to be on Myanmar where the problem is. I think we have to also be aware of the larger issues. What we are seeing today is a dictatorial, tyrannical regime ousting an entire ethnic community from the soils of Myanmar and if the global community accepts this, then I fear there will be upheaval in many corners. There are minorities in every country. Minorities in every country will come under threat. We need to be very mindful of that and we should not allow any country to get away with it. There is another thing that we need to be thinking about. This camp of a million people is a potential for recruitment of extremists. We are protecting it, we are making sure no such thing happens. But over years, as we have seen in other camps, this becomes a breeding ground for terrorists. If that happens, our entire region, Bangladesh, India, Myanmar, Thailand, none of us will be safe. The stakes are really high and we must move as fast as possible to make sure the root cause is eliminated. Watch the full interview below:

Rohingya crisis: Impose sanctions, cut off investment, then Myanmar Army will come to its senses, says adviser to Bangladesh PM 

The government of Aung San Suu Kyi is opening the economy and growth is rebounding in Myanmar, though the possibility of broader Western sanctions over the Rohingya refugee crisis is nevertheless giving some foreign investors pause, according to a senior IMF official.

Shanaka Jay Peiris, the International Monetary Fund`s (IMF) mission chief to Myanmar, said in a recent interview that initial data reviewed by the IMF indicated that some foreign investors were delaying final approval of projects until there was clarity about how the situation may unfold.

"The numbers we have for FDI (foreign direct investment) aren't showing it yet ... but foreign investment approvals are slowing down, so there is some indicator that going forward FDI may be weaker," Peiris told Reuters following the publication last week of the IMF's latest review of Myanmar's economy.

"Since August, investors are taking a pause. It isn't a surprise," he said. He said it was unclear which projects were being delayed and added that more data was necessary to better understand whether the "pause" was temporary or not.

However, leading indicators such as FDI project amounts approved by Myanmar's government for the first 10 months of fiscal 2017/18 from April show "a marked slowdown" since September 2017, according to the IMF.

For now, FDI inflows for 2017/18 still look to be a "solid number," Peiris added.

While it is too soon to know what it could mean for the overall economy, Peiris said: "We have to see whether project approvals were temporarily lower or will be a trend, as well as whether actual FDI inflows will fall by much. The magnitude would also matter."

"We are not operating under the assumption that there are going to be broad economic sanctions," he added, downplaying the risk of a decline.

Myanmar government spokesman Zaw Htay said, "Especially in Myanmar, because of the Rakhine issue, tourism has come down, investments and FDI have come down too," adding that the authorities were working hard to ensure macroeconomic stability.

The report by the IMF, which follows annual consultations with the government, followed a November visit to Myanmar, the first since nearly 700,000 Rohingya fled to Bangladesh after a military crackdown condemned by the international community.

The World Bank announced on Oct. 13 it was delaying the release of $200 million in budget support for Myanmar in response to the "forced displacement of the Rohingya."

Both the United States and Canada imposed sanctions against a general in Myanmar's military for his role in the crackdown against the Muslim Rohingya. The European Union said in February it was preparing sanctions against military leaders to hold them accountable for their role in the crisis.

The Trump administration's aid chief, Mark Green, said last month he will visit Myanmar soon for talks with the government and see for himself conditions of the Rohingya refugees.

Targeted sanctions&nbsp;

Peiris said the IMF believed that any more Western sanctions would likely target individuals in the military and not the economy.&nbsp;

"If the sanctions are limited to the military personnel, which has been the case to now, we believe it will be less of an impact" on the economy," Peiris said. "If it is broader, it would be more worrying."

Overall, the IMF sees economic growth picking up toward an estimated potential rate of about 7-7.5 per cent after lower-than-expected growth of 5.9 per cent in 2016/17.

The United States remains concerned about the plight of the Rohingya, a Treasury official told Reuters, declining to comment on the status of sanctions investigations. Another US&nbsp;official said the Trump administration was reviewing all options on Myanmar.

When asked by Reuters how concerned the government was about more sanctions, the Myanmar spokesman said such actions would affect "the whole country" because Myanmar was no longer a military dictatorship but instead run by "a democratic government elected by the people."

"They shouldn't do the economic sanctions," the government spokesman said. "If the investments are affected, then it affects the people."&nbsp;

Opening up

The IMF visit came shortly before Myanmar introduced regulations to bring the country's banks closer to international standards and force them to recover mostly open-ended "overdraft loans" that make up the bulk of their lending.

Myanmar's central bank deputy governor, Soe Thein, told Reuters in November that private banks had been given more time to clear most of their loan books.

Private banks account for more than half of banking system assets and the largest six private banks hold around 80 per cent of private bank assets, according to the IMF.

The new rules compel banks to open their books to the central bank, and Peiris said initial data raised concerns about the need for more bank capital.

"It is more fragile than what has been published, so banks will have to raise capital and recognize losses," he said.

"The question is whether owners are willing to put up the money and if they can't, will they try to find partners? How that will evolve is hard to tell but they will need more capital," he said. The Fund would have a better perspective of the situation during its next visit later this year, he said.

"We and the central bank do have a sense that it is a significant issue," he added.

Asked whether the government agreed with the IMF assessment on the banks, the Myanmar government spokesman said reforms were important to building economic stability.

"It is necessary to be careful," he said, "We cannot afford to make any mistakes." 
&nbsp;

Overall, the IMF sees economic growth picking up toward an estimated potential rate of about 7-7.5 per cent

The government of Aung San Suu Kyi is opening the economy and growth is rebounding in Myanmar, though the possibility of broader Western sanctions over the Rohingya refugee crisis is nevertheless giving some foreign investors pause, according to a senior IMF official. Shanaka Jay Peiris, the International Monetary Fund`s (IMF) mission chief to Myanmar, said in a recent interview that initial data reviewed by the IMF indicated that some foreign investors were delaying final approval of projects until there was clarity about how the situation may unfold. "The numbers we have for FDI (foreign direct investment) aren't showing it yet ... but foreign investment approvals are slowing down, so there is some indicator that going forward FDI may be weaker," Peiris told Reuters following the publication last week of the IMF's latest review of Myanmar's economy. "Since August, investors are taking a pause. It isn't a surprise," he said. He said it was unclear which projects were being delayed and added that more data was necessary to better understand whether the "pause" was temporary or not. However, leading indicators such as FDI project amounts approved by Myanmar's government for the first 10 months of fiscal 2017/18 from April show "a marked slowdown" since September 2017, according to the IMF. For now, FDI inflows for 2017/18 still look to be a "solid number," Peiris added. While it is too soon to know what it could mean for the overall economy, Peiris said: "We have to see whether project approvals were temporarily lower or will be a trend, as well as whether actual FDI inflows will fall by much. The magnitude would also matter." "We are not operating under the assumption that there are going to be broad economic sanctions," he added, downplaying the risk of a decline. Myanmar government spokesman Zaw Htay said, "Especially in Myanmar, because of the Rakhine issue, tourism has come down, investments and FDI have come down too," adding that the authorities were working hard to ensure macroeconomic stability. The report by the IMF, which follows annual consultations with the government, followed a November visit to Myanmar, the first since nearly 700,000 Rohingya fled to Bangladesh after a military crackdown condemned by the international community. The World Bank announced on Oct. 13 it was delaying the release of $200 million in budget support for Myanmar in response to the "forced displacement of the Rohingya." Both the United States and Canada imposed sanctions against a general in Myanmar's military for his role in the crackdown against the Muslim Rohingya. The European Union said in February it was preparing sanctions against military leaders to hold them accountable for their role in the crisis. The Trump administration's aid chief, Mark Green, said last month he will visit Myanmar soon for talks with the government and see for himself conditions of the Rohingya refugees. Targeted sanctions Peiris said the IMF believed that any more Western sanctions would likely target individuals in the military and not the economy. "If the sanctions are limited to the military personnel, which has been the case to now, we believe it will be less of an impact" on the economy," Peiris said. "If it is broader, it would be more worrying." Overall, the IMF sees economic growth picking up toward an estimated potential rate of about 7-7.5 per cent after lower-than-expected growth of 5.9 per cent in 2016/17. The United States remains concerned about the plight of the Rohingya, a Treasury official told Reuters, declining to comment on the status of sanctions investigations. Another US official said the Trump administration was reviewing all options on Myanmar. When asked by Reuters how concerned the government was about more sanctions, the Myanmar spokesman said such actions would affect "the whole country" because Myanmar was no longer a military dictatorship but instead run by "a democratic government elected by the people." "They shouldn't do the economic sanctions," the government spokesman said. "If the investments are affected, then it affects the people." Opening up The IMF visit came shortly before Myanmar introduced regulations to bring the country's banks closer to international standards and force them to recover mostly open-ended "overdraft loans" that make up the bulk of their lending. Myanmar's central bank deputy governor, Soe Thein, told Reuters in November that private banks had been given more time to clear most of their loan books. Private banks account for more than half of banking system assets and the largest six private banks hold around 80 per cent of private bank assets, according to the IMF. The new rules compel banks to open their books to the central bank, and Peiris said initial data raised concerns about the need for more bank capital. "It is more fragile than what has been published, so banks will have to raise capital and recognize losses," he said. "The question is whether owners are willing to put up the money and if they can't, will they try to find partners? How that will evolve is hard to tell but they will need more capital," he said. The Fund would have a better perspective of the situation during its next visit later this year, he said. "We and the central bank do have a sense that it is a significant issue," he added. Asked whether the government agreed with the IMF assessment on the banks, the Myanmar government spokesman said reforms were important to building economic stability. "It is necessary to be careful," he said, "We cannot afford to make any mistakes."

Despite Myanmar economy rebound, investors wary of Rohingya sanctions risk: IMF

The United States has imposed sanctions on seven Pakistani companies over suspicion they have links to the nuclear trade, potentially hurting Pakistan's ambitions to join the Nuclear Suppliers Group (NSG).

Pakistani government spokesmen could not be immediately reached for comment on Monday.

Relations between the United States and Pakistan have been strained in recent years over Pakistan's alleged support for Islamist militants waging war in Afghanistan, something Pakistani officials deny.

The US&nbsp;Bureau of Industry and Security, Commerce imposed the sanctions on the Pakistani companies on March 22 by placing them on its "Entity List".

The companies had been "determined by the US&nbsp;government to be acting contrary to the national security or foreign policy interests of the United States", the bureau said in a report on a US&nbsp;government website.

The Department of Commerce's Entity List does not freeze assets but requires that US&nbsp;and foreign companies doing business with those on the list first obtain a license.

Companies placed on the Entity List will need special licenses to do business in the United States.

None of the seven sanctioned Pakistani companies, which are not well known, could be immediately reached for comment, nor could a Singapore-based company which the bureau said was linked to one of the Pakistani companies.

Pakistani officials have in the past been accused of handing over nuclear secrets to North Korea. The government has denied the accusations though Pakistan has a poor record on nuclear proliferation.

The Pakistani scientist lionized as the father of Pakistan’s atomic bomb, Abdul Qadeer Khan, in 2004 said he had sold nuclear secrets to North Korea.

A UN&nbsp;nuclear watchdog said in 2008 that Khan`s network smuggled nuclear weaponization blueprints to Iran, Libya and North Korea and was active in 12 countries.

Sanctioned companies

Of the latest companies to be sanctioned, Singapore-based Mushko Logistics and Pakistan-based Mushko Electronics "procured items for several Pakistani entities on the Entity List", the US&nbsp;bureau said in its report.

Another company, Solutions Engineering, "has been involved in the procurement of US-origin items on behalf of nuclear-related entities in Pakistan that are already listed on the Entity List".&nbsp;

Three of the companies - Akhtar & Munir, Proficient Engineers and Pervaiz Commercial Trading Co. (PCTC) - were on the list due to "involvement in the proliferation of unsafeguarded nuclear activities that are contrary to the national security and/or foreign policy interests of the United States".

Marine Systems was placed on the Entity list for helping other already-sanctioned bodies obtain items without a licence, while Engineering and Commercial Services (ECS) was sanctioned for "involvement in supplying a Pakistani nuclear-related entity on the Entity List".&nbsp;

The sanctions could deal a blow to Pakistan's application to join the NSG, a 48-nation club dedicated to curbing nuclear arms proliferation by controlling the export and re-transfer of materials that could foster nuclear weapons development.

Nuclear-armed Pakistan applied to join the NSG in 2016 but little progress has been made.

The United States has been concerned about Pakistan's development of new nuclear weapons systems, including small tactical nuclear weapons, and has been trying to persuade Islamabad to make a unilateral declaration of "restraint".

Pakistani government spokesmen could not be immediately reached for comment on Monday.

The United States has imposed sanctions on seven Pakistani companies over suspicion they have links to the nuclear trade, potentially hurting Pakistan's ambitions to join the Nuclear Suppliers Group (NSG). Pakistani government spokesmen could not be immediately reached for comment on Monday. Relations between the United States and Pakistan have been strained in recent years over Pakistan's alleged support for Islamist militants waging war in Afghanistan, something Pakistani officials deny. The US Bureau of Industry and Security, Commerce imposed the sanctions on the Pakistani companies on March 22 by placing them on its "Entity List". The companies had been "determined by the US government to be acting contrary to the national security or foreign policy interests of the United States", the bureau said in a report on a US government website. The Department of Commerce's Entity List does not freeze assets but requires that US and foreign companies doing business with those on the list first obtain a license. Companies placed on the Entity List will need special licenses to do business in the United States. None of the seven sanctioned Pakistani companies, which are not well known, could be immediately reached for comment, nor could a Singapore-based company which the bureau said was linked to one of the Pakistani companies. Pakistani officials have in the past been accused of handing over nuclear secrets to North Korea. The government has denied the accusations though Pakistan has a poor record on nuclear proliferation. The Pakistani scientist lionized as the father of Pakistan’s atomic bomb, Abdul Qadeer Khan, in 2004 said he had sold nuclear secrets to North Korea. A UN nuclear watchdog said in 2008 that Khan`s network smuggled nuclear weaponization blueprints to Iran, Libya and North Korea and was active in 12 countries. Sanctioned companies Of the latest companies to be sanctioned, Singapore-based Mushko Logistics and Pakistan-based Mushko Electronics "procured items for several Pakistani entities on the Entity List", the US bureau said in its report. Another company, Solutions Engineering, "has been involved in the procurement of US-origin items on behalf of nuclear-related entities in Pakistan that are already listed on the Entity List". Three of the companies - Akhtar & Munir, Proficient Engineers and Pervaiz Commercial Trading Co. (PCTC) - were on the list due to "involvement in the proliferation of unsafeguarded nuclear activities that are contrary to the national security and/or foreign policy interests of the United States". Marine Systems was placed on the Entity list for helping other already-sanctioned bodies obtain items without a licence, while Engineering and Commercial Services (ECS) was sanctioned for "involvement in supplying a Pakistani nuclear-related entity on the Entity List". The sanctions could deal a blow to Pakistan's application to join the NSG, a 48-nation club dedicated to curbing nuclear arms proliferation by controlling the export and re-transfer of materials that could foster nuclear weapons development. Nuclear-armed Pakistan applied to join the NSG in 2016 but little progress has been made. The United States has been concerned about Pakistan's development of new nuclear weapons systems, including small tactical nuclear weapons, and has been trying to persuade Islamabad to make a unilateral declaration of "restraint".

US sanctions Pakistani companies over nuclear trade

North Korea has broken its silence on the diplomatic thaw with Washington and Seoul, saying it is driving the &quot;peace offensive&quot; and rejecting suggestions that sanctions forced it to the negotiating table.

The commentary from the state-run KCNA news agency came with a rapid rapprochement on the Korean peninsula underway, after a period of heightened tensions stoked by the missile and nuclear tests.

But as diplomats scurry to arrange two proposed summits - North-South talks followed by a face-to-face meet between Donald Trump and Kim Jong Un - the North&#39;s silence had raised concerns over its intentions.

The KCNA commentary late Tuesday did not directly mention the summits but noted the &quot;dramatic atmosphere for reconciliation&quot; with the South and &quot;a sign of change&quot; with the US.&nbsp;

It said Pyongyang&#39;s overtures came from a position of strength, not from weakness, even as it confronts intense international pressure as well as biting economic sanctions over its nuclear weapons programme.

&quot;The dialogue peace offensive of the DPRK is an expression of self-confidence as it has acquired everything it desires,&quot; it said, using the North&#39;s official name.&nbsp;

It also slammed hawks in Washington, Seoul and Tokyo for questioning the sincerity and motivation behind the North&#39;s willingness to step back from the brink.

&quot;Such rubbish as &#39;result of sanctions and pressure&#39;... spread by hostile forces is just as meaningless as a dog barking at the moon,&quot; it said, urging &quot;prudence&quot; for all parties involved.

&quot;It is really an expression of small-mindedness for the riff-raffs to spoil the atmosphere and say this or that even before the parties concerned are given a chance to study the inner thoughts of the other side and are seated at a negotiating table,&quot; it said in typically colourful language.&nbsp;

Since floating the idea for a summit with the US, &quot;the North has been carefully watching how the situation is developing, including the US-South Korea joint military drills, before making it public to the people&quot;, Professor Kim Yong-hyun at Dongguk University told.

The South and the US announced Tuesday a plan to resume annual joint military exercises on April 1, with its main drill shortened by a month - in an apparent conciliatory gesture over an event that infuriates the North.

Professor Yang Moo-jin of the University of North Korean Studies said the North also needs time to prepare its people for a drastic policy turnaround toward the United States.

&quot;The North won&#39;t confirm the two summits until dates and venues are fixed and it needs to educate its people through party cells slowly for a policy U-turn&quot;, Yang said.

The North&#39;s state media has not reported any public activities by Kim since March 6, when it said he held talks with South Korean envoys.

Kim learned of South Korean President Moon Jae-in&#39;s intention for an inter-Korean summit from the envoys, exchanged views and made a &quot;satisfactory agreement,&quot; the North&#39;s KCNA said at that time.

Trump&#39;s announcement earlier this month that he was willing to meet with the North&#39;s young leader - after an invitation conveyed by envoys from the South - has triggered a flurry of diplomatic activity.

The North&#39;s foreign minister Ri Yong Ho met his counterpart from Sweden, which represents Washington&#39;s interests in North Korea, in Stockholm over the weekend, with reports saying they discussed the release of three Americans detained in the North.&nbsp;

Choe Kang Il, a senior Pyongyang diplomat handling ties with the US, is currently in Finland for discussions with the retired former US ambassador to Seoul, Kathleen Stephens.&nbsp;

Moon on Wednesday said a three-way summit including the two Koreas and the US could be possible, depending on the outcomes of the inter-Korean and US-North Korean summits.

&quot;We must completely resolve the issues of denuclearising the Korean Peninsula and establishing peace&quot;, he said.

North Korea says it is driving the 'peace offensive' and rejecting suggestions that sanctions forced it to the negotiating table

North Korea has broken its silence on the diplomatic thaw with Washington and Seoul, saying it is driving the "peace offensive" and rejecting suggestions that sanctions forced it to the negotiating table. The commentary from the state-run KCNA news agency came with a rapid rapprochement on the Korean peninsula underway, after a period of heightened tensions stoked by the missile and nuclear tests. But as diplomats scurry to arrange two proposed summits - North-South talks followed by a face-to-face meet between Donald Trump and Kim Jong Un - the North's silence had raised concerns over its intentions. The KCNA commentary late Tuesday did not directly mention the summits but noted the "dramatic atmosphere for reconciliation" with the South and "a sign of change" with the US. It said Pyongyang's overtures came from a position of strength, not from weakness, even as it confronts intense international pressure as well as biting economic sanctions over its nuclear weapons programme. "The dialogue peace offensive of the DPRK is an expression of self-confidence as it has acquired everything it desires," it said, using the North's official name. It also slammed hawks in Washington, Seoul and Tokyo for questioning the sincerity and motivation behind the North's willingness to step back from the brink. "Such rubbish as 'result of sanctions and pressure'... spread by hostile forces is just as meaningless as a dog barking at the moon," it said, urging "prudence" for all parties involved. "It is really an expression of small-mindedness for the riff-raffs to spoil the atmosphere and say this or that even before the parties concerned are given a chance to study the inner thoughts of the other side and are seated at a negotiating table," it said in typically colourful language. Since floating the idea for a summit with the US, "the North has been carefully watching how the situation is developing, including the US-South Korea joint military drills, before making it public to the people", Professor Kim Yong-hyun at Dongguk University told. The South and the US announced Tuesday a plan to resume annual joint military exercises on April 1, with its main drill shortened by a month - in an apparent conciliatory gesture over an event that infuriates the North. Professor Yang Moo-jin of the University of North Korean Studies said the North also needs time to prepare its people for a drastic policy turnaround toward the United States. "The North won't confirm the two summits until dates and venues are fixed and it needs to educate its people through party cells slowly for a policy U-turn", Yang said. The North's state media has not reported any public activities by Kim since March 6, when it said he held talks with South Korean envoys. Kim learned of South Korean President Moon Jae-in's intention for an inter-Korean summit from the envoys, exchanged views and made a "satisfactory agreement," the North's KCNA said at that time. Trump's announcement earlier this month that he was willing to meet with the North's young leader - after an invitation conveyed by envoys from the South - has triggered a flurry of diplomatic activity. The North's foreign minister Ri Yong Ho met his counterpart from Sweden, which represents Washington's interests in North Korea, in Stockholm over the weekend, with reports saying they discussed the release of three Americans detained in the North. Choe Kang Il, a senior Pyongyang diplomat handling ties with the US, is currently in Finland for discussions with the retired former US ambassador to Seoul, Kathleen Stephens. Moon on Wednesday said a three-way summit including the two Koreas and the US could be possible, depending on the outcomes of the inter-Korean and US-North Korean summits. "We must completely resolve the issues of denuclearising the Korean Peninsula and establishing peace", he said.

North Korea denies sanctions prompted diplomatic thaw

The United States on Thursday took its most notable action against Russia since Donald Trump became president, slapping sanctions on a group of Russian individuals and entities, including Moscow&#39;s intelligence services, for meddling in the 2016 US election and malicious cyber attacks.

Under pressure to act, the administration still deferred making a move targeting Russian government officials and oligarchs, those closest to Russian President Vladimir Putin.&nbsp;

Thursday&#39;s announcement marked the first time that the US government stated publicly that Russia had attempted to break into the American energy grid, which US security officials have longed warned may be vulnerable to debilitating cyber attacks from hostile adversaries.

Trump has faced fierce criticism in the United States for doing too little to punish Russia for the election meddling and other actions, and a special counsel is looking into whether Trump&#39;s campaign colluded with the Russians, an allegation the president denies.

Combined with the United States joining Britain in blaming Moscow for poisoning a former Russian spy in southern England, the actions represented another plunge in U.S.-Russian relations despite Trump&#39;s stated desire for improved ties.&nbsp;

&quot;The administration is confronting and countering malign Russian cyber activity, including their attempted interference in U.S. elections, destructive cyber-attacks, and intrusions targeting critical infrastructure,&quot; Treasury Secretary Steven Mnuchin said in announcing the new sanctions.

Trump has frequently questioned a January 2017 finding by U.S. intelligence agencies that Russia interfered in the 2016 campaign using hacking and propaganda in an effort eventually aimed at tilting the race in Trump&#39;s favor. Russia denies interfering in the election.

But Mnuchin was unequivocal in saying that Thursday&#39;s Treasury action &quot;counters Russia&#39;s continuing destabilizing activities, ranging from interference in the 2016 election to conducting destructive cyber-attacks.&quot;

A senior administration official told Reuters that Trump, who campaigned on warmer ties with Putin, has grown exasperated with Russian activity.

The Treasury Department aimed the sanctions at 19 Russian individuals and five groups. Sixteen of the Russian individuals and entities sanctioned were indicted on Feb. 16 as part of Mueller&#39;s criminal investigation. While Trump has frequently called the Russia probe a &quot;witch hunt,&quot; the new sanctions appear to affirm Mueller&#39;s investigative strategy.

Trump told reporters during a White House event with Irish Prime Minister Leo Varadkar that &quot;it certainly looks like the Russians were behind&quot; the use of a nerve agent to attack Sergei Skripal, a former Russian double agent in England. Trump called it &quot;something that should never, ever happen, and we&#39;re taking it very seriously, as I think are many others.&quot;&nbsp;

Russian government hackers since at least March 2016 &quot;have also targeted U.S. government entities and multiple U.S. critical infrastructure sectors, including the energy, nuclear, commercial facilities, water, aviation, and critical manufacturing sectors,&quot; a Treasury Department statement said.

A senior administration told reporters on a conference call that Russian actors infiltrated parts of the U.S. energy sector.

&quot;We were able to identify where they were located within those business systems and remove them from those business systems,&quot; the official said, speaking on condition of anonymity.

&#39;DESTABILIZING ACTIVITIES&#39;

Mnuchin said there would be additional sanctions against Russian government officials and oligarchs &quot;for their destabilizing activities.&quot; Mnuchin did not give a time frame for those sanctions, which he said would sever the individuals&#39; access to the U.S. financial system.

The new sanctions also include Russian intelligence services, the Federal Security Service (FSB) and Main Intelligence Directorate (GRU), and six individuals working on behalf of the GRU.

Thursday&#39;s action blocks all property of those targeted that is subject to U.S. jurisdiction and prohibits American citizens from engaging in transactions with them.&nbsp;

The Treasury Department said the sanctions were also meant to counter destructive cyber attacks including the NotPetya attack that cost billions of dollars in damage across Europe, Asia and the United States. The United States and Britain last month attributed that attack to the Russian military.&nbsp;

Mueller&#39;s indictment stated that Russians adopted false online personas to push divisive messages, traveled to the United States to collect intelligence and staged political rallies while posing as Americans.

 
Both Republicans and Democrats in the U.S. Congress, which nearly unanimously passed a new sanctions bill against Russia last summer, had criticized Trump for not punishing Moscow. The Trump administration in January did not announce sanctions against Russia, for now, under the new law.&nbsp;

Republican Ed Royce, chairman of the House of Representatives Foreign Affairs Committee, welcomed the new sanctions as an important step. &quot;But more must be done,&quot; Royce said in a statement, promising that his committee would &quot;keep pushing to counter Russian aggression.&quot;

The Treasury Department said it would keep pressure on Russia for its ongoing efforts to destabilize Ukraine and occupy the Crimea region, as well as corruption and human rights abuses.

Under pressure to act, the Trump administration still deferred making a move targeting Russian govt officials and oligarchs, those closest to Putin.

The United States on Thursday took its most notable action against Russia since Donald Trump became president, slapping sanctions on a group of Russian individuals and entities, including Moscow's intelligence services, for meddling in the 2016 US election and malicious cyber attacks. Under pressure to act, the administration still deferred making a move targeting Russian government officials and oligarchs, those closest to Russian President Vladimir Putin. Thursday's announcement marked the first time that the US government stated publicly that Russia had attempted to break into the American energy grid, which US security officials have longed warned may be vulnerable to debilitating cyber attacks from hostile adversaries. Trump has faced fierce criticism in the United States for doing too little to punish Russia for the election meddling and other actions, and a special counsel is looking into whether Trump's campaign colluded with the Russians, an allegation the president denies. Combined with the United States joining Britain in blaming Moscow for poisoning a former Russian spy in southern England, the actions represented another plunge in U.S.-Russian relations despite Trump's stated desire for improved ties. "The administration is confronting and countering malign Russian cyber activity, including their attempted interference in U.S. elections, destructive cyber-attacks, and intrusions targeting critical infrastructure," Treasury Secretary Steven Mnuchin said in announcing the new sanctions. Trump has frequently questioned a January 2017 finding by U.S. intelligence agencies that Russia interfered in the 2016 campaign using hacking and propaganda in an effort eventually aimed at tilting the race in Trump's favor. Russia denies interfering in the election. But Mnuchin was unequivocal in saying that Thursday's Treasury action "counters Russia's continuing destabilizing activities, ranging from interference in the 2016 election to conducting destructive cyber-attacks." A senior administration official told Reuters that Trump, who campaigned on warmer ties with Putin, has grown exasperated with Russian activity. The Treasury Department aimed the sanctions at 19 Russian individuals and five groups. Sixteen of the Russian individuals and entities sanctioned were indicted on Feb. 16 as part of Mueller's criminal investigation. While Trump has frequently called the Russia probe a "witch hunt," the new sanctions appear to affirm Mueller's investigative strategy. Trump told reporters during a White House event with Irish Prime Minister Leo Varadkar that "it certainly looks like the Russians were behind" the use of a nerve agent to attack Sergei Skripal, a former Russian double agent in England. Trump called it "something that should never, ever happen, and we're taking it very seriously, as I think are many others." Russian government hackers since at least March 2016 "have also targeted U.S. government entities and multiple U.S. critical infrastructure sectors, including the energy, nuclear, commercial facilities, water, aviation, and critical manufacturing sectors," a Treasury Department statement said. A senior administration told reporters on a conference call that Russian actors infiltrated parts of the U.S. energy sector. "We were able to identify where they were located within those business systems and remove them from those business systems," the official said, speaking on condition of anonymity. 'DESTABILIZING ACTIVITIES' Mnuchin said there would be additional sanctions against Russian government officials and oligarchs "for their destabilizing activities." Mnuchin did not give a time frame for those sanctions, which he said would sever the individuals' access to the U.S. financial system. The new sanctions also include Russian intelligence services, the Federal Security Service (FSB) and Main Intelligence Directorate (GRU), and six individuals working on behalf of the GRU. Thursday's action blocks all property of those targeted that is subject to U.S. jurisdiction and prohibits American citizens from engaging in transactions with them. The Treasury Department said the sanctions were also meant to counter destructive cyber attacks including the NotPetya attack that cost billions of dollars in damage across Europe, Asia and the United States. The United States and Britain last month attributed that attack to the Russian military. Mueller's indictment stated that Russians adopted false online personas to push divisive messages, traveled to the United States to collect intelligence and staged political rallies while posing as Americans. Both Republicans and Democrats in the U.S. Congress, which nearly unanimously passed a new sanctions bill against Russia last summer, had criticized Trump for not punishing Moscow. The Trump administration in January did not announce sanctions against Russia, for now, under the new law. Republican Ed Royce, chairman of the House of Representatives Foreign Affairs Committee, welcomed the new sanctions as an important step. "But more must be done," Royce said in a statement, promising that his committee would "keep pushing to counter Russian aggression." The Treasury Department said it would keep pressure on Russia for its ongoing efforts to destabilize Ukraine and occupy the Crimea region, as well as corruption and human rights abuses.

US hits Russians with sanctions for election meddling, cyber attacks

sanctions

Sanctions, News on Sanctions, stories on Sanctions, articles on Sanctions, Sanctions stories at Wion, Sanctions news, Sanctions latest news