Britain, France, Germany, Russia and China, which were also parties to the 2015 accord, have said that they will set up a new payments system to maintain business links with Iran and bypass United States sanctions.
The sanctions are part of what the Trump administration calls a "maximum pressure" campaign aimed at convincing Iran to abandon its nuclear program and end its support for us foes in the Middle East. Pompeo says the campaign is working.
Treasury Secretary Steven Mnuchin said in the call that the United States has advised SWIFT, the global messaging network that connects the world's financial institutions, to discontinue its service for the Iranian financial institutions Washington plans to blacklist on Monday.
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The waiver is conditional on Iraq not paying Iran for the imports in USA dollars, said the officials, including a member of Iraq's ministerial committee that oversees energy activities.
"Instead", he said, "they are blowing up an agreement that supports USA interests and the aspirations of the Iranian people while planting the seeds for a disastrous war".
Following the Trump administration's announcement of renewed sanctions against Iran, set to go into effect on Monday, anti-war groups are warning the move tosses aside diplomacy in favor of paving the path towards war.More news: Tottenham Hotspur - Premier League - 3 November 2018
The agreement saw Iran limit its controversial nuclear activities in exchange for sanctions relief. Moreover, the U.S. needs India's help to deal with Afghanistan problem and with sanctions in place the entire efforts would be derailed.
US Secretary of State Mike Pompeo, who announced the decision on Friday, did not identify the eight, which he referred to as "jurisdictions", a term that may include importers such as Taiwan which the US does not regard as a country.
The new measures are expected to hit Iranians hard, CBS News' Elizabeth Palmer reported. Tehran accounts for 5 percent of Tokyo's imports of crude.
"Saudi Arabia can produce 12 million barrels a day, but only if it invests", said Hancock, noting that the country now produces just under 11 million barrels a day. "Price-wise, there's still some upward pressure to come - possibly a big wave of upward pressure".
On Saturday night, Israeli Prime Minister Benjamin Netanyahu in a statement thanked U.S. President Donald Trump for reimposing the sanctions. Companies like Total SA and Royal Dutch Shell Plc have halted purchases because the risk of being frozen out of the United States financial system is simply too great.
"According to information we received, Turkey will be among the eight countries allowed by the U.S.to continue importing Iranian oil, but we have no further details yet", Donmez told reporters at parliament.
Iran says it's confident sales will hold above 1 million barrels a day. That's for "cheese, for butter, for jam, for meat, for chicken, everything", said Reza Eidiyuon, who, like everybody else in Tehran, is anxious about the new USA sanctions. "In 2019, our projections are that oil supply will exceed demand, and that creates a much better atmosphere for us to bring remaining nations to zero as quickly as possible", Hook said.