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Announcing the imposition of sanctions targeting Iran's oil and gas exports, ports and banking system, secretary of state Mike Pompeo said that the U.S. will grant waivers to "eight jurisdictions" because they had "demonstrated significant reductions in crude oil and cooperation on many other fronts".

"But it remains uncertain whether Iran's economy will be damaged to the extent it was during 2012-2015, because the European Union and other countries are trying to keep the economic benefits of the JCPOA flowing to Iran in order to persuade Iran to remain in the JCPOA".

USA sanctions targeting Iran's oil sales and banking sectors are being restored on Monday as part of a wider effort by Mr Trump to force Tehran to halt its nuclear and ballistic missile programmes outright.

Iranian leaders said the sanctions are aimed at toppling the government and have ruled out negotiations with the Trump administration.

However, the United States is expected to give a short-term waiver to eight countries which could include India because of its commitment to significantly reduces import of oil from Iran.

Iran said on Friday that it had no concerns over the re-imposition of sanctions. South Korea, Japan and India are expected to get a reprieve, however, and possibly China. Under US law, such exceptions can only be granted for up to 180 days.

India has managed to get its point of view across to the global leadership against the geopolitically challenging scenario, said Pradhan on the sidelines of an event in New Delhi on Saturday.

The US granted waivers to eight countries but only on condition they make substantial cuts to their purchases.

Oil prices fell on Friday for a weekly loss of over 6 percent on worries about crude oversupply due to the USA waivers.

Family mourns loss of three siblings killed at bus stop
She remained at the scene of the accident, but police said Shepherd was arrested at her workplace later Tuesday. Three children were killed in a crash while waiting for a school bus in Fulton County, Indiana Tuesday morning.

The US treasury secretary, Steven Mnuchin, also announced that Swift, the private financial messaging service that allows banks to communicate securely, would also be subject to sanctions. He declined to name the targeted institutions.

The sanctions come six months after US President Donald Trump withdrew from the 2015 nuclear deal struck between world powers and Iran.

The sanctions, set to resume November 5, are "aimed at depriving the regime of the revenues that it uses to spread death and destruction around the world", Secretary of State Mike Pompeo said in a call with journalists today.

The major focus on the administration's efforts is to cut off Iran's oil export revenue, with Pompeo noting that those exports have already decreased by "more than" 1 million barrels a day since President Trump announced the exit from the Iran deal in May. "We do not recognize the sanctions introduced unilaterally without the United Nations, we consider those methods illegal per se", he said.

The United States is challenging Russian Federation for the title of top producer, with US crude production C-OUT-T-EIA now above 11 million bpd.

A defiant Khamenei dismissed the renewed USA sanctions - including an oil embargo - that take effect on Monday. "That's a good thing for American consumers".

Sanctions on Iran's petroleum sector are scheduled to snap back into effect on November 5.

"America will not be able to carry out any measure against our great and courageous nation".

It is part of efforts by Iran and its customers to keep oil flowing ahead of a new United States embargo set to hit on Monday.