The USA has granted a six month exemption to Turkey to temporarily continue to purchase oil from Iran. The exemption, which included seven other countries, including China, India, South Korea, Italy, Greece, Japan and Taiwan, was granted by the US Secretary of State Mike Pompeo on November 5th, 2018, during his announcement of the re-imposition of US sanctions on Iran's banking, energy and shipping industries. These sanctions on Iran had previously been lifted under a 2015 nuclear deal negotiated with Tehran by the US administration of President Barack Obama and Europe..
US President Donald Trump's administration has added 300 new sanctions covering Iran's oil, shipping, insurance and banking sectors with the aim of minimising Iran's main export revenues from its oil industry. It is not yet clear yet what the individual quotas will be for countries exempted.
The SWIFT banking network announced on November 5th that it had suspended "certain Iranian banks" from its services, in order to assure “the stability and integrity of the wider global financial system."
Iran’s President Hassan Rouhani has said that it would ignore the sanctions and “will proudly bypass sanctions” targeting the country’s oil and financial sectors.
The Turkish lira gained on news of Turkey’s exemption from oil sanctions.