Tag: US Sanctions

The Afghan Ministry of Transportation is considering to form the shipping sector, in order for ships to be able to conduct commercial activities flying the Afghanistan's flag in free waters. The shipping line which will be shared with neighboring countries such as Iran and India, along with other countries of the region as well.

US Secretary of State Mike Pompeo has granted an exception to some US sanctions that will enable the India-led development of Chabahar port in Iran. This Port is considered as a corridor to advance Afghanistan’s economy. The waiver permits the construction of a railway line from Chabahar port to Afghanistan, as well as shipments to the latter of non-sanctionable goods.

The oil market is about to face a difficult few months, after the US imposed secondary sanctions on Iranian exports. This led Brent to over US$80 a barrel in October. However, currently there is enough supply to meet demand this winter, but the margin for error is little, Woodmac said.

The United States has granted temporary exemptions to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey allowing them to continue buying Iranian oil. More than 20 importing nations have zeroed out their imports of crude oil from Iran.

As the US has withdrawn from the JCPOA, it will impose additional extra territorial sanctions in relation to Iran, starting from 4 November 2018, the Swedish Club informed. One consequence of the new sanction is that banks are reluctant to make any payments related with Iran,

Russia’s Ministry of Foreign Affairs has summoned South Korea’s ambassador in Moscow and demanded that Seoul allow a Russian vessel to leave South Korea’s port of Busan. The vessel, named 'Sevastopol', was one of six Russian-flagged vessels targeted by United States sanctions in August.

The Ministerial Meeting of the Foreign Ministers of China, France, Germany, Russia and the UK will set up a legal entity to facilitate legitimate financial transactions with Iran and allow European companies to continue trade with Iran.  Namely, the participants considered ways forward to ensure the full and effective implementation of the JCPOA in all its aspects.

According to JPMorgan, oil prices could increase this winter, due to the US sanctions on Iran. Namely, JPMorgan expects the price of a barrel of oil to increase from $60 to $85 a barrel in the next six months, while a 'pike' to $90 is also on the table. These sanctions will become effective on November 4.

In its monthly oil market report, IEA said that global oil consumption will top 100 million barrels per day (bpd) over the next three months, but the upcoming US sanctions against Iran's oil exports, as well as the emerging market crises in Venezuela and Brazil, are expected to affect this demand. 

Iran will react with equal countermeasures if Washington tries to block its oil exports, Reuters reported in July. In response, US has recently said it is full prepared to keep regional commerce flowing through the Arabian Gulf  and committed to ensuring the safety of the region.