Iran files suit in international court against US over sanctions

An Iranian flag flutters in front of the United Nations headquarters during an IAEA board of governors meeting in Vienna

Mike Pompeo rejects EU appeal for exemptions in sanctions against Iran

Nevertheless, government officials in European countries are aware that European banks are reluctant to forge financial links with Iran while the United States is preparing to impose further sanctions on Iran in November. Washington rejected the overture so it can apply "maximum pressure" on Tehran.

India has made a strong pitch to the USA for leniency in complying with sanctions on Iran, citing their likely impact on its oil imports and investment in the Chabahar port.

Iran has said both are non-negotiable and the other signatories to the 2015 nuclear deal including major European allies Britain, France and Germany, as well as Russian Federation and China, remain committed to it.

There were no official comments from the Indian and the USA side.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers. The actions are extraordinary and aggressive, and point to a desire for regime change in Iran even if that goal is not the explicit policy of the Trump administration.

The goal is "to hold (the) USA accountable for its unlawful re-imposition of unilateral sanctions", Foreign Minister Mohammad Javad Zarif wrote on Twitter.

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A State Department official said the application was without merit and the United States would fight it in the court. Various comments since then have led to some confusion, opening the door to the possibility of some waivers in the event that the oil market suffers from too much disruption.

"We want people to reduce oil purchases to zero, but in certain cases, if people can't do that overnight, we'll consider exceptions", Mnuchin said on Friday, clarifying some USA officials' comments that there would be no exemptions. That sounded like a backtracking from all the talk of taking Iran exports down to "zero". Mnuchin's comments were embargoed for release on Monday. "The private-sector refineries will cut the imports because, they too will be very wary of the U.S. sanctions affecting them elsewhere", said Lalit Mansingh former Indian envoy to the US. He also added: "The State Department has the ability to issue waivers around significant reductions in the oil markets, that's something that Treasury and State will be doing".

Last week, Iranian Embassy had said that Iran will do its best to ensure security of oil supply to India by offering various flexible measures.

The lifting of sanctions has allowed Iran to sell its oil and natural gas on world markets - although secondary USA sanctions remained in place.

Saudi Arabia and Russian Federation have suggested that OPEC+ could provide more than the 1 million barrels per day that they pledged last month, in the event that the oil market needs it. On Chabahar, India had managed to insulate port development from sanctions through a special waiver, he said. The remaining 45 percent payment was remitted in rupees in accounts Iranian oil companies had with the UCO Bank.

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