Iran has on Wednesday announced the country will pave ways to find foreign buyers and export its crude oil to those nations through the Strait of Hormuz, warning that if the United States tries to block Tehran from doing so then it should “be prepared for the consequences”.
According to Al-Jazeera news reports, while addressing New York City, Iranian foreign minister Mohammed Javed Zarif cautioned US President Donald Trump against taking any “crazy” measures if tries to block Iranian crude oil exports.
Zarif also stated the decision was taken in Iran’s “vital national security interest” in order to keep the Strait of Hormuz and the Gulf open. The Strait of Hormuz is considered to the major oil shipment route in the Gulf region.
Zarif’s comments came amid the US president’s Monday’s announcement to end Iranian oil sanction waivers that have let few of Tehran’s oil consumers to enjoy waiver and import Iranian crude oils in limited volumes with facing no financial sanction from Washington.
The White House said the US move means that importers of Iranian oil must halt their purchase by May or face sanctions. It said the move was aimed at lowering “Iran’s oil exports to zero” to deny Tehran “its principal source of revenue”.
The White House has said the United Arab Emirates (UAE), Saudi Arabia and the US were working together to “ensure that supplies are made available to replace all Iranian oil removed from the market”.
Following the US announcement, Iranian oil prices hit its highest level on Tuesday since last year’s November.
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Russia has on Tuesday termed the United States’ move of tightening oil sanctions over Iran as an “aggressive and reckless” American policy, after Washington has announced that it was seeking to put an end to all Iranian crude oil exports.
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In an official statement which was issued on Iranian foreign ministry’s official website, it cited: “Since the sanction in question are principally illegal, the Islamic Republic of Iran did not and does not attach any value or credibility to the waivers given to the sanctions.”
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India has on Tuesday stated the government has underlined the United States decision to end sanction waiver to those nations importing Iranian crude oil and that it is “adequately prepared to deal” with the impact.