https://www.wsj.com/articles/a-goal-for-irans-oil-exports-zero-11555972882
President Trump wants to exert “maximum pressure” on Iran, which is why he is giving the sanctions screws another firm twist. Any country that imports Iranian oil will soon face U.S. penalties—with no exceptions. Last year seven nations and Taiwan were granted waivers through May 2, giving them time to adjust supply lines. These waivers won’t be extended, the State Department said Monday, helping to push the benchmark oil price to $74 a barrel, a nearly six-month high.
Italy, Greece and Taiwan have already ended their Iranian oil imports. That leaves five countries at risk of U.S. sanctions: China, India, Turkey, Japan and South Korea. Two are close allies, and no doubt their leaders will protest this stiff medicine. But the Trump Administration has given them enough warning, not to mention a six-month waiver. That’s plenty of time to make other arrangements.
By all accounts, Iran’s economy is in trouble. “To date, we estimate that our sanctions have denied the regime well north of $10 billion,” Secretary of State Mike Pompeo said Monday. “The regime would have used that money to support terror groups like Hamas and Hezbollah and continue its missile development” and “it would have perpetuated the humanitarian crisis in Yemen.”
Mr. Pompeo reiterated the White House goal “to deprive the outlaw regime of the funds it has used to destabilize the Middle East for four decades, and incentivize Iran to behave like a normal country.” To that end, the U.S. intends to drive Iranian oil exports to zero.