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The U.S. re-imposition of sanctions on Iran has raised discussion of conducting trade in local currencies with Turkey.
Washington announced new sanctions on Monday targeting Iran's energy and financial sectors along with its shipping industry.
More than 700 individuals, entities, aircraft, and vessels were blacklisted, including 50 Iranian banks and their domestic and foreign subsidiaries.
Turkish President Recep Tayyip Erdoğan on Tuesday said U.S. sanctions on Iran were "not right".Following a parliamentary group meeting, Erdoğan told reporters: "We do not find the sanctions right. Because our opinion is that these sanctions aim at destroying the world's balance," said Erdoğan.Erdoğan stressed that the U.S. sanctions on Iran contradict with the international law and diplomacy."We don't want to live in an imperialist world," he added.Iran able to sell as much oil as it needs despite US pressure: VPWashington announced new sanctions on Monday targeting Iran's energy and financial sectors along with its shipping industry.More than 700 individuals, entities, aircraft, and vessels were blacklisted, including 50 Iranian banks and their domestic and foreign subsidiaries.The U.S. government granted China, Greece, India, Turkey, Italy, Japan, South Korea and Taiwan a 180-day waiver for importing Iranian oil, which eased worries of supply reduction in the global markets after the sanctions went into effect.Turkish FM says dangerous to isolate IranJoint U.S.-SDF patrols near Syria border unacceptableErdoğan said that joint patrols between U.S. forces and the Syrian Democratic Forces (SDF) near the Turkish-Syrian border were unacceptable and he expected U.S. President Donald Trump to stop them.Erdoğan, set to meet Trump in Paris this weekend, told reporters he would discuss the patrols carried out by the United States and the SDF, which would cause "serious negative developments" along the border.The SDF is dominated by the YPG militia, which is the armed wing of the Democratic Union Party (PYD), the Syrian offshoot of the Kurdistan Workers’ Party (PKK).Galeri: US patrols near Turkish border with SDF terrorists'Turkey gains historical result against terrorism'Turkey has made historic success against terror groups under our rule, Erdoğan said."Turkey has gained historic results against terror groups, gangs and drug dealers, and any other action targeting peace in our term [since 2002]," Recep Tayyip Erdoğan said, in an address to his Justice and Development (AK) Party's parliamentary group.The AK Party won the November 2002 election with two-thirds of the seats in parliament. It became the first party to win an outright majority in over a decade.YPG/PKK, Daesh allegedly made deal to swap US soldiersTo date 2,000 people have been arrested, 7,000 others deported and around 70,000 people denied entry to Turkey over their links to the Daesh terror group, Erdoğan said."[They include] 761 terrorists in the country, 1,092 in northern Iraq, 3,000 in Operation Euphrates Shield, and over 4,500 in Operation Olive Branch were neutralized in the operations since July 2016," he said.Launched in 2016, Turkey’s Operation Euphrates Shield saw Turkish troops -- backed by the Free Syrian Army -- liberate large swathes of northwestern Syria from terrorist groups.US begins patrols with SDF in northeast SyriaOn Jan. 20, Turkey launched Operation Olive Branch to free northwestern Syrian city of Afrin of YPG/PKK and Daesh terrorists. On March 18, Turkish troops and the Free Syrian Army liberated the Afrin city center.In its more than 30-year terror campaign against Turkey, the PKK -- listed as a terrorist organization by Turkey, the U.S. and the EU -- has been responsible for the death of some 40,000 people, including those of women and children. The YPG is its Syrian branch.Twenty-one held over extortion for PKK in Turkish capital
Turkey will not abide by US sanctions on Iran, Erdoğan says
The U.S. government granted China, Greece, India, Turkey, Italy, Japan, South Korea and Taiwan a 180-day waiver for importing Iranian oil, which eased worries of supply reduction in the global markets after the sanctions went into effect.
Mehmet Koc, domestic policies coordinator of the Center for Iranian Studies in Ankara, said although Turkey is not a party of the sanctions, the move may pose problems for bilateral trade ties of the two countries.
Stating that oil and gas trade are conducted in dollars, Koc said Turkey will continue to import Iranian oil and gas.
"Turkey is among eight nations granted temporary waivers from the sanctions but at this point payment in dollars will not be possible," Koc said.
Iran has been able to sell as much oil as it needs despite U.S. pressure, Iranian Vice President Eshaq Jahangiri was quoted as saying on Tuesday.The United States on Monday restored sanctions targeting Iran’s oil, banking and transport sectors and threatened more action to stop what Washington called its "outlaw" policies, steps Tehran called economic warfare and vowed to defy.The measures are part of a wider effort by U.S. President Donald Trump to curb Tehran’s missile and nuclear programmes and diminish the Islamic Republic’s influence in the Middle East, notably its support for proxies in Syria, Yemen and Lebanon.Oil markets are stable: Kuwait oil ministerTrump’s moves target Iran’s main source of revenue - its oil exports - as well as its financial sector, essentially making 50 Iranian banks and their subsidiaries off limits to foreign banks on pain of losing access to the U.S. financial system."The Americans constantly said they would reduce the sale of Iran’s oil to zero but I have to say that so far, we have been able to sell our required amounts of oil," the Tasnim news agency quoted Jahangiri as saying."The Americans, with the help of propaganda, don't see the realities."Turkish FM says dangerous to isolate IranJahangiri said he had spoken to a handful of managers from companies on the U.S. sanctions list and that some had already formulated plans on how to deal with the measures.Jahangiri also said officials should be open with the Iranian public about the difficulties that may lie ahead, according to the Islamic Republic News Agency (IRNA)."It is our duty to keep some of the worries to ourselves,” IRNA quoted Jahangiri as saying. "But there shouldn’t be an issue that is hidden from the people. This is the people’s right."US waiver allows China to buy 360,000 bpd of Iran oil for 180 daysTrump wary of sanctions effect on oil prices
Tehran able to sell as much oil as it needs despite US pressure: Iran's VP
He recalled that talks regarding trade in local currencies between Turkey and Iran still continue.
Speaking about sanctions on the Iranian financial sector, Koc said: "There is no solution left for Iran except trading in the Turkish lira. At least it will need to use lira while obtaining basic needs from Turkey."
Head of Turkish-Iranian Industrialists and Businessmen Association (TISIAD) Perihan Fatih said the more sanctions on Iran increase the more Turkey's importance for Iran rises.
"Many European countries can be reluctant to trade with Iran therefore they may do that via agencies in Turkey," Fatih said.
U.S. President Donald Trump said Monday he is cautious about the effects his sanctions will have on global oil markets, saying the penalties will be imposed gradually."I don’t want to drive the oil prices in the world up," he said addressing reporters shortly after the U.S. reinstated all of the sanctions it lifted as part of a nuclear accord world powers struck with Iran."I’m not looking to be a great hero and bring it down to zero immediately," he said, referring to global imports of Iranian oil. "I could get the Iran oil down to zero immediately, but it would cause a shock to the market. I don’t want to lift oil prices."The U.S. earlier announced that eight countries -- China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey -- are being granted temporary six month waivers from the economic penalties targeting imports of Iranian crude. Iran is OPEC's third largest oil exporter.US's Bolton says more sanctions on Iran comingSenior official says Iran not concerned about reimposed US sanctionsSecretary of State Mike Pompeo said the exemptions are intended to ensure oil markets continue to be well-supplied.Pompeo said each country which received waivers “has already demonstrated significant reductions of the purchase of Iranian crude over the past six months," adding two of the eight have reduced imports of Iranian crude to zero."We continue negotiations to get all of the nations to zero," he said.Trump unilaterally withdrew the U.S. from the 2015 Joint Comprehensive Plan of Action in May, setting the stage for Washington to reimpose all of the sanctions it lifted as part of the agreement.All of the other signatories -- China, the European Union, France, Germany, Iran, Russia and the United Kingdom -- have remained in the deal.The accord provided Iran with billions of dollars in relief from international sanctions in exchange for sweeping curbs on and inspections of its nuclear program.Airbus China CEO says 'no winner' from US-China trade war
Trump wary of sanctions effect on oil prices
Fatih noted that introducing regulations for trading in local currencies would be beneficial and advantageous for Turkish and Iranian business circles.
In 2017, bilateral trade volume between two countries totaled at $10.7 billion, up nearly 11 percent year-on-year.
In the first 9 months of this year the trade volume was at $7.5 billion.
The country's main exports groups consist of gold, steel profile, automotive supply products, fibreboard, land transportation vehicles to Iran while it purchases raw petroleum materials, natural gas, plastics in primary forms, metals other than iron and organic chemicals from Iran.