Hook: Iran Has Lost Two Billion Dollars in Revenue Since US Withdrawal from JCPOA

Brian Hook, the US Special Representative for Iran, stated on Monday, November 5, that Iran has lost more than two billion dollars in revenue since the United States withdrew from the JCPOA. The Trump administration exited the nuclear agreement with Iran on May 8, and reinstated suspended sanctions against Tehran in mid-August and on November 5. Mr. Hook said in a conference call with reporters that since the US withdrawal from the JCPOA six months ago, Iran's oil exports have decreased by at least one million barrels. He added, "This reduction means a loss of more than two billion dollars in Iran's revenues. Until May 2018, about 20 countries were importing oil from Iran, but now due to our sanctions, that number has dropped to zero." On Monday, the United States imposed very severe sanctions against Iran, but at the same time granted temporary exemptions to eight countries for purchasing oil from Tehran. The goal of these sanctions is to change Iran's behavior regarding its missile program and its 'destabilizing' role in disrupting peace and stability in the Middle East. Which companies and financial entities in Iran were sanctioned? Tehran claims that it will 'resist' against US sanctions while stating that US actions harm the people and not anyone else. In another part of his remarks on Monday, the US Special Representative said, "More than one hundred major companies around the world have exited the Iranian market or halted their investment plans, resulting in losses of tens of billions of dollars." Mr. Hook, referring to concerns about rising oil prices after the decrease in Iranian exports, said that the US has taken a meaningful approach in this regard and "while reducing one million barrels of oil (from Iran), we ensured that there are sufficient reserves and the market remains balanced." Regarding the implementation of the European countries' mechanism for trade with Iran, he said, "I think if you look at more than 100 companies that decided to choose the US market over Iran, they are not looking to go for a special mechanism." The US Special Representative for Iran added that the mentioned companies are satisfied with continuing to work with the United States and "working with the US is easier because we have a transparent and open economy." "We do not have an economy run by an entity like the Islamic Revolutionary Guard Corps, and working with the United States does not carry specific risks, unlike Iran, where if you decide to invest, you can never be sure whether you are helping business or terrorism." The European Union, which is willing to continue the nuclear agreement with Iran contrary to the US, has announced that it is designing a mechanism to support companies intending to trade with Tehran. While this mechanism was supposed to be implemented on Sunday, it has not yet been executed. Some reports indicate that the European Union will soon issue a statement in this regard. The US Special Representative for Iran continued his remarks by saying, "Teams from the State Department and Treasury have met with representatives from over 30 countries around the world to warn them about the risks of trading with Iran. I think this message has been well received. We have only witnessed support for our sanctions regime, and I do not think any major company would want to use this special mechanism." He stated that the aim of imposing the sanctions regime is to achieve a better agreement with Iran, saying, "This agreement is not supposed to consider only one threat from Iran against peace and stability, but rather a range of threats from Iran is under consideration. One of the problems with the JCPOA was that it was limited, very limited."