Trump withdrew the United States from the pact in May and began reimposing sanctions on the Iranian economy in August, saying the terms of the accord were not strict enough to prevent Iran from developing nuclear weapons and accusing Tehran of supporting militant violence in the region and other "malign" activities.
In August, the European Commission revamped its Blocking Statute, a 1995 law created to help European companies and banks recover damages arising from USA sanctions on third parties. The exemption will allow China, India, Japan, South Korea, Taiwan, Italy, Greece and Turkey, to continue trading with Iran as normal. Pompeo said more than 20 countries have already cut oil imports from Iran, reducing purchases by more than 1 million barrels per day.
Tehran vowed to defy the economic war while Iranian clerical rulers have dismissed concerns about the impact on the economy. "True, there can be more bumps along the way, but we must approach this very aggressively and from strength. also morally, economically and vis-à-vis security".
The same day as the sanctions were reimposed, SWIFT, the Belgium-based bank messaging system, suspended some Iranian banks from using its system.
Americans cast votes on Tuesday to decide whether Donald Trump's Republicans maintain their grip on the US Congress, or if. Iran and five world powers (Russia, the United Kingdom, China, France and Germany) plan to observe the deal. "We will take a look at the letter and respond accordingly", he said.
Diplomats told Reuters last month that a new European Union mechanism to facilitate payments for Iranian oil exports should be legally in place by Nov 4 but not operational until early next year.
China, which has been Trump's main sparring partner on the trade front, is Iran's main oil customer.
Output from these three countries in October exceeded 33 million barrels per day (bpd) for the first time, meaning they alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption. US West Texas Intermediate (WTI) crude futures were at $62.98 a barrel, down 12c from their last settlement. However, news of the waivers last week sent prices lower as top buyers would continue to import Iranian oil.
Iranian President Hassan Rohani said even without the waivers Iran would still be able to sell its oil, semi-official Tasnim news agency reported.
What's the deal with Iran's oil?
A team of South Korean officials visited Tehran on the weekend, just before the USA announcement of waivers on its Iranian oil embargo, and offered a detailed briefing on Seoul's related agreement with Washington, a diplomatic source here said Tuesday.
Secretary of State Mike Pompeo said Monday that the United States wants Iran to undertake a "180-degree" change that includes cutting off support for regional proxies, such as Hezbollah, and ending missile tests. The Assad government now controls more territory than any other warring party in Syria, courtesy of Iran and Russian Federation.