By Sohaila Barghash
However, the Iranian economy is already in decay, that with mismanagement and natural disasters, led the country to seek rallying international supporters.
Iran has threatened to block the strategic Strait of Hormuz through which much of the world’s oil exports transit, but nothing confirms the move yet.
Ellie Geranmayeh, of the European Council of Foreign Relations stated, “They’re not going to make a rash over-reaction to this. They’ve already said they’re going to be in consultation with partners. It will take some time to determine how much oil Iran can sell through illicit networks or through some sort of a special state sanctioned mechanism.”
The Donald Trump’s administration announced Monday that it would terminate sanctions waivers granted since November for eight major importers of Iranian crude oil as of 2 May.
Countries upon which the sanctions would be applied include China, India, Turkey, Japan, and South Korea which import about 1 million barrels a day.
The Trump Administration called it the most severe move against Iran saying, “We have imposed the toughest sanctions ever on the Iranian regime” adding, “We will continue to apply pressure until the country starts behaving more like a
normal country and less like a revolutionary movement.”
On the other hand, Iranian officials interpreted the move as a sign that Trump’s tough stance on Iran has failed.
Although Iran’s economy is deteriorating, Tehran seems to have no intention to changing its regional policy, scaling back its missile programme, or coming to the negotiating table to discuss Trump’s “Better Deal”.
On Tuesday, both China and Turkey’s foreign ministries expressed their disagreement with the move, calling on the US to eliminate the waiver.
Furthermore, Iran’s Foreign Minister Mohammad Javad Zarif wrote on Twitter saying, “Escalating economic terrorism against Iranians exposes panic and desperation of US regime – and chronic failures of its client co-conspirators.”
Also Iran’s defence minister, Brig Gen Amir Hatami said, “Probably the most important [security matter] is the issue of Trumpism in the world, which has characteristics similar to Nazism.”
Political Analysts predicted that both China and India would reduce Iranian oil imports while refusing to cut them off entirely in order to maintain leverage with the White House.
The Trump administration is currently in ideological alliance with hardliners close to governments in Saudi Arabia, United Arab Emirates, and Israel, all of which strongly oppose Iran’s role in the region.