US makes rigorous oil sanctions against Iran

Iranian oil industry

In light of the nuclear dispute with Iran, the US has thoroughly vetoed the oil exports of the Islamic Republic. Reports from the White House suggest, from May 2, no country will be allowed to import Iranian oil. However, India, China, Japan, Taiwan, South Korea, Turkey, Italy, and Greece will continue to import Iranian oil with impunity for six months. These states are most dependent on Iran for major importers of crude oil. In a recent development, The White House said waivers for these countries would expire in May, after which they themselves could face US sanctions.

At the beginning of November last year, the US had put into force its hitherto toughest economic sanctions against Iran. This had an adversely affected Iran’s most important source of revenue: the Iranian oil industry. The US is trying hard to nullify Iran’s oil exports. In response to this severe boycott, Iran has announced its withdrawal from the 2015 Vienna Atomic Energy Convention. The Republic named USA’s snub action as “illegal.” In the wake of events, Turkey also criticized the White House’s decision and did not support the derogations on oil sanctions against Iran. Reports of criticism have also come from China and Russia.

Moreover, The Iranian oil industry speculated a bottleneck within the Iranian oil market. For almost half a year, crude oil prices have risen by around three percent to its highest level. In 2015, US President Donald Trump also suspended Iran’s international nuclear deal and imposed new sanctions. Through this, Trump administration wants to influence the leadership in Tehran and instigate Iran’s stringent agreement to America’s nuclear and missile program. Only a few days ago, the American government officially condemned the Iranian Revolutionary Guards as a foreign terrorist organization. It is the first time that the US has classified a military unit of another state as a terrorist organization. The Iranian Revolutionary Guards is an elite unit of the armed forces in Iran, even more, important than the classical army.