Friday 30 / May / 2025
Tehran: The Trump administration announced that all countries importing Iranian oil will be subject to sanctions, bringing to an end its policy of providing some nations with waivers.
Officials said that the waivers, due to expire on 2 May, will not be renewed. They had been granted to a range of countries including China, India, Turkey, Japan and South Korea.
“Today I am announcing that we will no longer grant any exemptions,” Secretary of State Mike Pompeo said. “We’re going to zero. We will continue to enforce sanctions and monitor compliance. Any nation or entity interacting with Iran should do its diligence and err on the side of caution. The risks are simply not going to be worth the benefits.”
Washington's move to squeeze Iran has raised concerns that it may lead to higher oil and gasoline prices.
Benchmark Brent crude oil futures rose by as much as 3.2 percent to $74.31 a barrel, the highest since 1 November, in early trading on Monday in reaction to expectations of tightening supply. US West Texas Intermediate, WTI, futures climbed as much as three percent to $65.87 a barrel, its highest since 30 October.
Following the exit from the Iran nuclear deal in May last year, the Trump administration has kept piling up pressure on Iran through a series of sanctions and designations, which have been strongly opposed and criticised by Tehran.
Iran's foreign ministry responded by warning against the "adverse consequences" of ending the waivers.
Ministry Spokesman Abbas Mousavi said in a statement, "However, in view of the negative effects in politics of these sanctions ... Iranian Foreign Ministry has been continuously in touch with relevant domestic institutions while holding comprehensive consultations with many foreign partners, including Europeans."
