Renewed U.S. sanctions target Iran's economy, Tehran cool on talks

Iran refuses talks with US under coercion - Xinhua |

Iran Sets Currency Rescue Ahead of Reimposed U.S. Sanctions

Trump said he supported a new deal with Iran that actually addressed its long-standing financial backing for terrorists as well as its missile program.

A senior USA administration official told reporters that at 12:01 a.m. on August 7 Washington will start enforcing sanctions impacting several trade categories, including the purchase of US dollars, the sale of precious metals, transactions involving Iranian currency, the issuance of Iranian debt, and the Iranian regime's automotive sector.

The United States intends to fully enforce sanctions due to be reimposed against Iran early this week on orders from U.S. President Donald Trump, Secretary of State Mike Pompeo said on Sunday. "They are imposing sanctions on Iranian children, patients and the nation".

It was not immediately clear whether the plan would create enough hard currency inflows to ease the demand for dollars and help end a panic-buying of hard currencies by many Iranians.

Many believe the USA wants to drive a wedge between Iran's leadership and the Iranian people with the potential goal of regime change, which Washington has denied. "The US owes the Iranian nation for its intervention in Iran".

Against a backdrop of political turmoil and protests in Iran, Foreign Minister Mohammad Javad Zarif himself accused Trump of "bullying" and of being isolated in his hostility to the Islamic Republic.

More than half-a-dozen current and former officials told the Reuters news agency that the campaign is meant to work in concert with US President Donald Trump's push to economically throttle Iran by re-imposing tough sanctions. "But talks need honesty", he added.

Since Trump's announcement on May 8 withdrawing the United States from the JCPOA, his administration has sanctioned 38 Iran-related targets in six separate actions.

He added that the Iranian people "are unhappy with the failure of their own leadership to deliver the economic promises that their leadership promised them".

"The Americans have claimed they want to completely stop Iran's oil exports". Those target Iran's automotive sector as well as gold and other metals.

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Hemmati told state TV late Sunday that "money exchangers are allowed to sell and buy foreign currencies" once again, to improve access to "services and travel overseas".

The unofficial rate for the rial fell to a record low of 119,000 to the U.S. dollar last week, compared to an official rate of 42,000.

The decision goes into effect on Tuesday.

Hemmati replaced Central Bank Gov. Valiollah Seif, who led the bank since 2013, in July.

"If there is sincerity, Iran has always welcomed dialogue and negotiations", Rouhani said. The measure backfired, and the black market flourished. China's refusal to comply with U.S. sanctions, likewise, is a sign that Iran won't be totally cutoff from world markets.

It will take effect from 00:01 EDT (06:01 CEST) on Tuesday.

Central bank governor Abdolnaser Hemmati said the plan reflected Iran's self-confidence in the face of the looming USA sanctions.

The Strait of Hormuz at the mouth of the Persian Gulf provides the only maritime passage in the region to the open seas and is one of the world's most strategically important choke points.

However, Rouhani offered faint praise for Trump in his appearance on state TV.

"To this day", Trump added, "Iran threatens the United States and our allies, undermines the global financial system, and supports terrorism and militant proxies around the world".

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