The Trump administration has reimposed sanctions on Iran previously lifted under the landmark 2015 international nuclear deal, threatening the accord’s survival, further deteriorating relations with Europe and destabilizing Tehran’s fragile economy.
The move was welcomed in Israel and by Republicans on Capitol Hill.
Ninety days after withdrawing from the nuclear agreement, which was premised on exchanging limits on Iran’s nuclear work for international sanctions relief, US President Donald Trump snapped back into place restrictions on Iran’s access to US dollar notes as well as gold and other precious metals. The sanctions also target financial institutions that deal in or hold Iran’s currency, the rial, which had already spiraled this week to its lowest value in history.
While additional sanctions on Iran’s sale of rugs and pistachios and its automotive sector are expected to bite, the harshest sanctions will return in November, when Washington will target Iran’s oil exports, its shipping and port sector and those transacting with the Central Bank of Iran.
“The United States is fully committed to enforcing all of our sanctions, and we will work closely with nations conducting business with Iran to ensure complete compliance.
Individuals or entities that fail to wind down activities with Iran risk severe consequences,” Trump said, signing an executive order that brought the old sanctions back into effect.
“I am pleased that many international firms have already announced their intent to leave the Iranian market, and several countries have indicated that they will reduce or end imports of Iranian crude oil,” he continued.