Iran's oil sector faces major blow as U.S. sanctions re-imposed


Tehran -Iran´s annual rally to mark the storming of the USA embassy and hostage-taking of 1979 had particular significance on Sunday on the eve of renewed sanctions by Washington.

Students at the government-organised march in the capital burned pictures of Donald Trump, the US President, and the US flag to mark the seizure of the US Embassy during the 1979 Islamic Revolution. The two countries have been enemies, on opposite sides of Middle East conflict, ever since. The figure could not be independently confirmed by Reuters.

Rallies replete with "Death to America" chants are staged on the embassy takeover anniversary every year.

In a statement on Saturday, the Ministry of Foreign Affairs of the Russian Federation said Moscow "resolutely" condemned a recent "destructive" move by the U.S. to impose a new wave of sanctions on Iran, urging Washington to immediately review its policy of sanctions pressure against Tehran.

"We believe we should look for mechanisms that would allow us to continue developing cooperation with our partners, with Iran", Mr. Novak said in an interview with the Financial Times.

The deal brought about the lifting of most worldwide financial and economic sanctions in return for Tehran curbing its disputed nuclear activity under United Nations surveillance.

Multiple Iranian sectors face major blows after the Trump administration announced Friday the re-imposition of all USA sanctions on Iran that had been lifted under the 2015 nuclear deal.

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With new USA sanctions on Iran just hours away, Secretary of State Mike Pompeo is warning that they'll really pack an economic punch. "And we're going to provide that to them".

This year´s 39th anniversary fell just hours before Washington was set to reimpose sanctions - including an oil embargo - following its withdrawal from the 2015 nuclear deal earlier this year.

Asked if the US had assurances from India and China - suspected to be among the nations getting waivers - that they would eventually give up importing oil from Iran, Pompeo wouldn't say.

The restoration of USA sanctions on Monday targeting Iran's oil sales and banking sector is part of an effort by Trump to force Iran to halt its nuclear and ballistic missile programmes outright, as well as its support for proxy forces in conflicts across the Middle East.

In a speech on Saturday, Khamenei said Trump's policies faced opposition around the world. "America's goal has been to re-establish the domination it had, but it has failed".

Secretary of State Mike Pompeo argued that the new Iran sanctions - going into effect one day before the USA midterm elections - are tough enough to keep the Islamic Republic from pursuing a nuclear weapon.