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Monday 05 Nov 2018 02.29 PM

Iran vows to 'proudly bypass' US sanctions

Iran, US, Sanctions

Tehran : Iran's President Hassan Rouhani said the Islamic republic "will proudly bypass sanctions" by the United States that took effect on Monday targeting the country's oil and financial sectors. "I announce that we will proudly bypass your illegal, unjust sanctions because it's against international regulations," Rouhani said in a televised speech.

"We are in a situation of economic war, confronting a bullying power. I don't think that in the history of America, someone has entered the White House who is so against law and international conventions," he added. The measures described by Washington as "the toughest sanctions ever" follow US President Donald Trump's controversial decision in May to abandon the multi-nation nuclear deal with Tehran.

The latest tranche aim to significantly cut Iran's oil exports -- which have already fallen by around one million barrels a day since May -- and cut it off from international finance. The United States has given temporary exemptions to eight countries -- including India, Japan and Turkey -- to continue buying oil in a bid to avoid disturbing their economies and global markets. But US Secretary of State Mike Pompeo vowed to push Iran's oil sales to zero. PTI

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