US to Impose Sanctions on Countries Importing Iranian Crude Oil - Forex News by FX Leaders
Iran in Focus

US to Impose Sanctions on Countries Importing Iranian Crude Oil

Posted Friday, May 31, 2019 by
Arslan Butt • 1 min read

The US Special Representative for Iran Brian Hook declared on Thursday that any country that continued to buy crude oil from Iran after May 2 would be subject to sanctions. In April, Trump had announced the end of sanction waivers for eight countries that had continued purchasing Iranian crude from May 1.

However, according to a Wall Street Journal report, countries like China and India could continue purchasing Iranian crude after May 2 till they reached a cap set by the US. Going back on this statement, Hook stated that even if a country had not met its negotiated caps, it would be subject to sanctions for buying Iranian crude after May 2.

The US remains firm on blocking all supply of Iranian crude in oil markets as it isolates Iran economically and diplomatically because it perceives Iran to be a potential threat. The US unilaterally withdrew from a nuclear accord with Iran stating that Iran was developing weapons under its nuclear program.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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