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Iran Refuses to Yield Its Share in Global Oil Market Amid Sanctions

Iran has condemned newly imposed U.S. sanctions against its Oil Minister Mohsen Paknejad, asserting that these measures will not disrupt its oil exports. Officials emphasize the determination to retain Iran’s position in the global oil market despite U.S. pressures and claim the sanctions reveal American fears about Iranian oil activities.

On Saturday, Iran’s Oil Minister Mohsen Paknejad was sanctioned by the U.S. Treasury Department, a decision that Iran firmly rejects. Mohajerani commented that if previous sanctions had indeed been effective, the implementation of new ones would be unnecessary. She firmly asserted that Iran’s oil export capabilities will not be hindered.

In response to the sanctions, Mohajerani noted that various Iranian ministries, particularly the Oil Ministry, are actively working to counteract these measures. The urgency of the U.S. sanctions, according to her, indicates a significant concern regarding the activities of Iran’s Oil Ministry and its capacity within the global oil market.

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) designated Paknejad due to his oversight of substantial oil exports, which financially supports Iran’s armed forces. Additionally, several entities in countries including China and India are also being sanctioned for facilitating the delivery of Iranian oil.

This round of sanctions was preceded by a letter from then-President Donald Trump to Iran’s Supreme Leader, Ayatollah Seyyed Ali Khamenei, coupled with threats of military action should negotiations on a new nuclear deal not proceed. In light of these developments, Iranian Foreign Ministry spokesperson Esmaeil Baghaei condemned the sanctions, labeling them a violation of law and indicative of U.S. hypocrisy regarding their negotiation stance.

Iranian officials maintain that their oil exports will continue unabated despite new U.S. sanctions targeting key figures, including the Oil Minister. The Iranian government views these sanctions as a sign of U.S. anxiety over its oil market activities, while asserting their commitment to countering such measures through various governmental efforts.

Original Source: ifpnews.com

Niara Abdi

Niara Abdi is a gifted journalist specializing in health and wellness reporting with over 13 years of experience. Graduating from the University of Nairobi, Niara has a deep commitment to informing the public about global health issues and personal wellbeing. Her relatable writing and thorough research have garnered her a wide readership and respect within the health journalism community, where she advocates for informed decision-making.

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