US to exempt eight countries, including India from new Iran oil sanctions: Mike Pompeo

The United States is expected to spare eight countries from U.S. sanctions because they have significantly cut imports of Iranian oil, two sources familiar with the matter said on Friday.

The U.S. move, which was described by a congressional source and by another source familiar with the matter, were confirming a report by Bloomberg that Washington would allow the eight to keep buying Iranian oil after it re-imposes sanctions on Tehran on Monday. The did not identify the eight nations, though among Iran's biggest customers are China, India, Turkey, Japan, South Korea, the United Arab Emirates, Greece and Italy.

Iran's biggest oil customers - all in Asia - have been seeking sanctions waivers to allow them to continue buying some of its oil and have argued that a total ban would spur a further rally in the price of crude.

Meanwhile, Iran said on Friday that it had no concerns over the reimposition of new U.S. sanctions on the country's vital oil and financial sectors, expected to be announced by Washington on Nov. 4.

"America will not be able to carry out any measure against our great and brave nation ... We have the knowledge and the capability to manage the country's economic affairs," Iran's Foreign Ministry spokesman Bahram Qasemi told state TV.