Iran Sanctions: U.S Expects to Extend Waiver, Says Turkish Minister

Iran and China agree to $600 billionChinese President Xi Jinping, left, and Iranian President Hassan Rouhani. Source: Pool/Iranian Presidency/Anadolu Agency via Getty Images
  • Iran Sanctions: U.S  Expects to Extend Waiver, Says Turkish Minister

Turkish Trade Minister Ruhsar Pekcan expects the U.S. to extend sanctions waiver on Iranian oil import.

“We expect an extension of Turkey’s exemption” from sanctions imposed on Iran, Pekcan said in an interview with NTV in Ankara. The minister was referring to the waiver that allows Turkey to import crude oil from Iran despite the November 4 sanctions.

Also, the minister expects that the U.S. will remove additional tariffs imposed on some Turkish goods to the U.S. “We’ve been receiving positive signals in our talks,” she said, without giving details.

The US imposed economic sanctions on Iran on November 4 to force the embattled nation to the negotiating table for a new nuclear agreement different from the one signed by the world powers during President Obama’s administration.

However, the Trump administration allowed Iran to export certain barrels to selected countries granted sanctions waiver to sustain global oil supplies and maintain reasonable low oil prices.

The minister believes President Trump will extend the waivers in order to maintain low gasoline price, sustain consumer spending, and support productivity.

Crude oil dropped below $54 a barrel to $53.54 after the report.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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