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April 23, 2019

Trump Admin to Ratchet Up Unilateral U.S. Sanctions on Iranian Oil
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The Trump administration said Monday it will fully enforce unilaterally
imposed U.S. sanctions against Iran, ending a waiver program that
allowed some nations to continue buying Iranian oil without suffering
penalties from the U.S. Secretary of State Mike Pompeo announced the
tightening of sanctions Monday, saying the move will benefit Saudi
Arabia and other U.S. allies in the Gulf.

Secretary of State Mike Pompeo: "The United States has been in constant
discussion with allies and partners to help them transition away from
Iranian crude to other alternatives. And we have been working with major
oil-producing countries to ensure the market has sufficient volume to
minimize the impact on pricing. Both the Kingdom of Saudi Arabia and the
United Arab Emirates have assured us they will ensure an appropriate
supply for the markets."

Chinese authorities immediately pushed back against the move to ratchet
up sanctions, saying it jeopardizes talks with the U.S. aimed at ending
President Trump's trade war. China is Iran's single biggest customer of
oil, consuming about half of the 1 million barrels Iran exports daily.
Iran's economy has suffered heavily since the Trump administration
backed out of the 2015 Iran nuclear deal, which gave Tehran sanctions
relief in exchange for a promise not to build nuclear weapons.


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