Iran braces for fresh US sanctions including oil embargo
A day after the United States of America announced its decision to not renew exemptions for five countries to continue importing oil from Iran. Driven by US’ aim to choke Iran’s main source of revenue, the move is expected to have a major fallout on the crude oil market. India and 7 other nations had been granted exemptions from US sanctions after the Trump administration decided to pull out of its 2015 deal with Iran. The exemptions are slated to end on May 2, 2019.
Trump administration will not renew exemptions for importing Iranian oil; move with dire consequences for India which largely has depended on these waivers and exemptions.
President Trump threatens nations that carry on Iranian oil imports after deadline of 2 May with sanctions.
Exemptions were put in place after America pulled out of its own deal with Iran in 2018.
The US Government wants to dry up Iran’s only source of revenue and forex; remember why is happening in Venezuela, pretty much similar.
US says it wants to put more pressure on Iran to end its alleged nuclear missile programme.
Americans believe also that the move would force Iran to stop support of militants in the region.