Trump admin to make Iran oil waivers harder to get

Trump admin to make Iran oil waivers harder to get
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The Trump administration will hold countries to a higher standard if they want a waiver from the coming sanctions on importing Iranian oil.

Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Trump issues first veto, warning of 'reckless' resolution | US hits Russia with new sanctions | Dems renew push for contractor back pay | Lawmakers seek probe into undocumented workers at Trump businesses Deripaska sues Trump admin over Russia sanctions US announces new Russia sanctions with Canada, EU MORE told Reuters Sunday that in order to avoid sanctions, countries will have to reduce their Iranian oil imports by more than the 20 percent that the Obama administration had dictated during the 2013 to 2015 sanctions.

“I would expect that if we do give waivers it will be significantly larger reductions,” Mnuchin told Reuters in Jerusalem at the start of a Middle East trip, the news outlet reported.

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Mnuchin also dismissed concerns that oil prices could spike if international markets are deprived of Iranian production.

“Oil prices have already gone up, so my expectation is that the oil market has anticipated what’s going on in the reductions,” he said. “I believe the information is already reflected in the price of oil.”

The Trump administration plans to restore Iran sanctions next month, as part of President TrumpDonald John TrumpDem lawmaker says Electoral College was 'conceived' as way to perpetuate slavery Stanley Cup champion Washington Capitals to visit White House on Monday Transportation Dept requests formal audit of Boeing 737 Max certification MORE’s rejection of the Iran nuclear deal. Countries that do business with the United States will have to stop importing Iranian oil Nov. 4, or face sanctions themselves.

Iran is expected to cut its output by around two-thirds.

Mnuchin told Reuters that he doesn’t expect countries to immediately cut off oil imports on Nov. 4, but he hopes it will happen eventually.

“I don’t expect we will get to zero in November but I do expect we will eventually get to zero,” he said. “There have been already very significant reductions in advance of this date.”