Iran's president says US 'retreats step-by-step' on oil sanctions

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Iranian President Hassan Rouhani said on Wednesday that the US officials have retreated from their earlier stance to cut down Iran's oil exports to zero.

"At the beginning, they said they will bring Iran's oil exports to zero; later they said that it is impossible by November, perhaps in the following months; and now they say that it is impossible to cut it to zero, we will reduce Iran's oil sales," Rouhani said.

"They are retreating step-by-step," Rouhani was quoted as saying by the official IRNA news agency.

He expressed confident that the Iranian government is not intimidated by the US threats.

The Iranian president assured the Iranians that his administration is resolved to alleviate the people's economic hardship.

Following US President Donald Trump's decision to quit the historic Iran nuclear deal on May 8, the United States vowed to reimpose sanctions lifted under the accord against Iran and inflict punishments like secondary sanctions on nations that have business links with Iran.

On Aug. 7, the White House imposed the first batch of sanctions targeting Tehran's purchase of US banknotes, trade in gold and other precious metals, as well as the use of graphite, aluminum, steel, coal, and software used in industrial processes.

They were also set to affect transactions related to the Iranian currency rial, the issuance of sovereign debts, and the country's automotive sector.

The US sanctions to target Iran's most crucial part of the economy, namely its oil exports, will start on Nov. 4.

Source(s): Xinhua News Agency