Pompeo reveals countries exempt from Iran oil sanctions

Washington has vowed to impose the "toughest" sanctions ever against Tehran starting November 5, 2018 after withdrawing from the Iran nuclear deal earlier in the year. At the same time, the US revealed eight states that would be allowed to do business with Iran for a certain period of time.

The US imposed sanctions on a number of Iranian entities and individuals on November 5, following Washington's exit from the Joint Comprehensive Plan of Action, but offered waivers to China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.

"We have decided to issue temporary allotments to specific circumstances to a handful of countries responsible for specific circumstances and to ensure a well-supplied oil market," US Secretary of State Mike Pompeo said, Sputnik reported.

Namely, US Treasury has announced that some 50 Iranian banks and their subsidiaries abroad, the Atomic Energy Organization of Iran and 23 of its subsidiaries, as well as 200 individuals and ships in the country's shipping and energy industries, have fallen under the effect of sanctions. Moreover, the US has imposed sanctions against "Iran Air," the country's largest carrier and over 65 of its aircraft. Overall, some 700 individuals and entities have been affected by the new US sanctions.

"Today, in its largest ever single-day action targeting the Iranian regime, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned more than 700 individuals, entities, aircraft, and vessels," the official statement said.

US Secretary of State Mike Pompeo stated that 20 countries have reduced their oil imports from Iran, cutting Tehran's exports by 1 million barrels. He also revealed that three civilian nuclear energy projects in Iran would be spared US sanctions, including the Bushehr power plant. Pompeo promised to provide more details on the list later.