Iranian President Hassan Rouhani said the country will continue selling its oil and break the second batch of sanctions the U.S. administration reinstated since President Donald Trump unilaterally pulled out of the nuclear deal in May.
"We hope a new agreement with Iran is possible, but until Iran makes changes in the 12 ways that I listed in May, we will be relentless in exerting pressure on the regime", said Pompeo.
The Trump administration on Monday reimposed the last set of sanctions lifted under the Iran nuclear deal.
Aside from restrictions on oil imports, the administration added more than 700 individuals, entities, vessels and aircraft linked to the energy and financial sectors and other segments of Iran's economy to the USA list of sanctioned entities. "We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists".
"In October, we switched to [oil] imports from other countries".
Trump announced in may that Washington is out of agreement with Iran on its nuclear program. America should learn that it cannot use the language of force against Iran.
Joint output from Russian Federation, the United States and Saudi Arabia rose above 33 million bpd for the first time in October, up 10 million bpd since 2010, with all three pumping at or near record volumes.
"We regret the re-imposition of sanctions by the U.S.", May's spokesman James Slack said.
Oil prices dipped on Tuesday as concerns that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran.
Tehran has launched a plan to counter the negative effects of United States oil sanctions, the First Vice-President of Iran Eshaq Jahangiri said November 6, TASS reported.
"This is an economic war against Iran".
There was no immediate statement from the Ministry of External Affairs but sources in New Delhi said this was the result of hectic negotiations over the last six months with United States officials.
The Belgium-based SWIFT financial messaging service said it is suspending some unspecified Iranian banks' access to its messaging system in the interests of the stability and integrity of the global financial system.
As NPR's Colin Dwyer reported recently, "Since May, when President Trump vowed to unilaterally pull the USA out of the Joint Comprehensive Plan of Action, his administration has telegraphed its intentions to restore the sanctions that had been lifted as part of the pact". Iran and five world powers (Russia, the United Kingdom, China, France and Germany) plan to observe the deal.
The International Monetary Fund said on Thursday that Iran should implement policies to safeguard its macroeconomic stability in the face of sanctions.
The European Union, France, Germany and Britain said they regretted the U.S. decision and would seek to protect European companies doing legitimate business with Tehran. These are also Iran's biggest buyers, meaning Iran will be allowed to still export some oil for now.
China, which has been Trump's main sparring partner on the trade front, is Iran's main oil customer. "The European Union does not approve of it", said European Economic Affairs Commissioner Pierre Moscovici, regarding the sanctions. The fear was that the sanctions deadline would have pushed oil prices sharply higher. "Today, Iran is able to sell its oil and it will sell", President of Iran Hassan Rouhani said.