21:01 GMT +320 September 2018
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    A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005

    Iran Looks Into Options to Evade US Sanctions, Ensure Steady Oil Export

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    President Donald Trump announced the US withdrawal from the JCPOA (also known as the Iran nuclear deal) on May 8, 2018, claiming that the agreement was flawed at its core. He promised to re-impose sanctions against Tehran and against anyone working with it, including the US' European allies.

    The Iranian government is looking into ways to evade US sanctions and their consequences, Iran's state news agency IRNA reported. According to the news outlet, President Hassan Rouhani has met with the heads of the legislative and the judicial branches of government to discuss measures aimed at preparing for possible sanctions in order to "prevent their negative impact." Means to ensure gasoline self-sufficiency were listed among the measures

    Iran's government and parliament have already set up a commission tasked with finding buyers for Iranian oil after the US imposes its sanctions, IRNA reported. It will also work on finding ways to secure payments for its oil in a way that is "consistent with international law" and does not increase corruption.

    READ MORE: US Admits Oil Prices May Go Up When Iran Sanctions Kick In

    The US withdrew from the Iran nuclear deal in May 2018, promising to re-impose sanctions against Iran that had been in place before the deal was reached in 2015. Secretary of State Mike Pompeo has promised that the new sanctions will be the "toughest" ever seen. The State Department recently cautioned US allies against buying Iranian oil as of November, as doing so would lead to sanctions against entities working with the Islamic Republic.

    Tehran has slammed the US' withdrawal from the JCPOA, saying the deal is unlikely to work without Washington's participation. The remaining signatories reaffirmed their adherence to agreement's provisions, despite the threat of US sanctions. Tehran has also banned all transactions in US dollars on its territory, resorting instead to other national currencies and the euro.

    Related:

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    US Admits Oil Prices May Go Up When Iran Sanctions Kick In
    US Not Granting Waivers for Iran Sanctions - State Department Official
    Iran to Retain Daily Oil Exports at 2Mln Barrels Despite US Sanctions - Official
    US Sanctions Will Not Affect Oil Exports From Iran – Iranian Oil Minister
    Tags:
    Iran nuclear deal, Joint Comprehensive Plan of Action (JCPOA), Iran, United States
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