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US Trump administration's tough new sanctions on Iran took effect on Monday but eight major importers of Iranian oil were spared from immediate penalties.

China, India, South Korea, Italy, Greece, Japan and Taiwan are the other countries beside Turkey that received a six-month waiver on the U.S.'s resumed sanctions on Iran, Pompeo said November 5. Eight countries were granted temporary waivers to continue buying some crude from Iran following the re-imposition of USA sanctions on Monday.

A day before US sanctions on Iran's energy and shipping industries were due to be reimposed, Pompeo said on "Fox News Sunday" that the president's "policy of maximum pressure will be fully in place" on Monday.

China denounced new USA sanctions targeting Iran's oil and financial sectors as "long-arm jurisdiction" on Monday and vowed to continue its bilateral trade with the Islamic republic.

"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", he said.

He said privatizing state assets, for example, could free a significant portion of capital to be exploited by the public for new development plans.

"An important component of our diplomacy is standing with the Iranian people, they are the longest-suffering victims of the regime's brutality and economic mismanagement". At that time, the waivers were not official, and the eight countries were unidentified.

Rouhani pledged to government officials in comments aired on state TV that Iran would overcome the sanctions.

Meanwhile, in Tehran, demonstrators poured onto the streets to mark the 39 anniversary of the occupation of the US embassy there, an action that precipitated a protracted hostage standoff that helped tank President Carter's chances at re-election and almost took down the Reagan administration amid the Iran-Contra scandal.




Meanwhile, Iranian state television aired footage of air defense systems that are involved in two-day military maneuvers across northern Iran. And, in fact, we have built an enormous coalition to keep this world safe and to deny Iran money. If there were any, the USA would "aggressively pursue our remedies", he said.

South Korea, one of Asia's biggest buyers of Iranian oil, last week asked the U.S. for "maximum flexibility" after some of its construction firms cancelled energy-related contracts in the Islamic Republic because of financing difficulties.

The other parties to the nuclear deal - Britain, France, Germany, China and Russian Federation - have all vehemently opposed the U.S. move and vowed to keep trade going, though they are struggling to convince private companies to stand up to USA pressure.

During the rallies, the demonstrators chanted slogans against the US and Israel and condemned US President Donald Trump's aggressive policies and stances against the Islamic Republic.

Saudi Arabia raised pricing for the medium and heavy crudes it sells to Asia, a sign that OPEC's biggest producer sees robust demand for the grades as it boosts output to offset the impact of energy sanctions on Iran.

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.

Oil prices rallied above $85 per barrel in October on fears of a steep decline in Iranian exports.

Iran's oil exports have already dropped by almost one million barrels per day since President Trump withdrew from the JCPOA and reimposed the first round sanctions, putting the squeeze on a sector that accounts for around 60 percent of the country's overall budget.

"Iran's leaders must cease support for terrorism, stop proliferating ballistic missiles, end destructive regional activities, and abandon their nuclear ambitions immediately if they seek a path to sanctions relief", he said.


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