The move comes six months after US President Donald Trump withdrew from the 2015 nuclear deal struck between world powers and Iran, and began reimposing sanctions that had been suspended or removed by his predecessor Barack Obama.
Iranian Foreign Minister Mohammad Javad Zarif on Monday shrugged off the forthcoming United States sanctions against the Islamic Republic, saying Washington would fail to achieve its goals by imposing new bans on Iran.
It was a more conciliatory tone about the sanctions from Bolton, a proponent of being tough on Iran and winding down its crude exports to zero.
The countries that will be receiving the waivers will be allowed to pay for the oil using escrow accounts in their local currency, which will help the USA to regulate the revenues that Iran receives and only allow them to be used to buy food, medicines and other non-sanctioned goods from its customers.
Sanctions will also target payments through the special mechanism that the European Union has been creating specifically to avoid Washington's penalties and to keep buying Iranian oil.
India, which is Iran's second-largest customer for oil, has said it can not immediately replace its Iranian imports and is seeking a waiver, while Turkey has also sought an exemption from the U.S. Treasury Department.
Global benchmark Brent crude has fallen about 15 percent from over $85 a barrel last month on increasing speculation that at least some nations will get waivers, as well as signs that other OPEC members will pump more to offset any supply gap.
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According to witnesses, the Augusta AW169 struggled to clear the 25m-high stadium wall, before exploding into a ball of flames. He was also involved in charity work, donating £2 million towards a new children's hospital.
He has released a list of 12 demands that Iran must meet if it wants the sanctions lifted.
Hours before he spoke, Iranian President Hassan Rohani warned Iranians they could face more economic hardship in the months ahead as the USA imposes a new round of sanctions.
"The U.S. may use waivers to slow-walk implementation, but these will not apply indefinitely", Allen said. "While we still have to see the percentage reduction for the significant reduction exemptions, it is still likely to see Q1 2019 export losses in the 1.3 to 1.7 million barrels per day range from the spring high, and those losses will likely climb heading into the next significant reduction exemption round in 6 months time".
"In May, President Donald Trump pulled the United States out of the 2015 landmark joint comprehensive plan of action (JCPOA) terming it as disastrous".
The administration has said it is considering waivers on a case-by-case basis.
The Iran sanctions have officially been cast.
"It's a virtual certainty that Western banks are not going to violate the escrow restrictions", said Mark Dubowitz, the chief executive of the Washington-based Foundation for Defense of Democracies who has advised Pompeo.