Trump Reimposes Iranian Economic Sanctions

Hugh Fox
August 7, 2018

Trump's withdrawal from a landmark 2015 nuclear agreement in May had already spooked investors and triggered a run on the Iranian rial long before nuclear-related sanctions went back into force.

So-called snapback sanctions, due to come into force early on Tuesday, target Iranian purchases of US dollars, metals trading, coal, industrial software and its auto sector. Some of the sanctions took effect overnight, with others taking effect in November, and President Trump tweeted about them early this morning.

The president called on other nations to join his economic pressure campaign, reminding them that business with Iran excludes them from dealing with the U.S.

Iran is accusing the US of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest. But that has proven hard: European companies have pulled out of Iran, arguing that they can not risk the prospect of damage to their US business.

Mr Bolton said: "They could take up the president's offer to negotiate with them, to give up their ballistic missile and nuclear weapons programs fully and really verifiable". Also, any future deal would need to allow for full and comprehensive inspections of all Iranian military sites - something that was not a part of the Obama agreement.

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"Prices are rising again, but the reason is government corruption, not United States sanctions", said Ali, a 35-year-old decorator in Tehran.

A European Commission spokeswoman on Monday (6 August) told reporters in Brussels that EU firms are banned from following U.S. demands to cut business ties with Iran, unless specifically authorised to do so.

Brussels says protecting businesses based there is necessary because the sanctions have an "unlawful" reach beyond United States borders.

Iranian president Hassan Rouhani said that Iran can still rely on China and Russian Federation to keep its oil and banking sectors afloat.

"Anyone doing business with Iran will NOT be doing business with the United States", Trump vowed on Twitter. She made the announcement on the same day renewed USA trade sanctions against the Islamic Republic restarted.

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"If the ayatollahs want to get out from under the squeeze, they should come and sit down".

"If you're an enemy and you stab the other person with a knife and then you say you want negotiations, then the first thing you have to do is remove the knife".

Despite his claims, the accord "is working and delivering on its goal" of limiting Iran's nuclear programme, said a statement by European Union foreign policy chief Federica Mogherini and the foreign ministers of France, Germany and the UK. "But if the government has a serious plan they can control the situation".

But the European Commission has implemented a previously unused regulation that seeks to cancel the effect of the U.S. policy on European companies doing "legitimate business" with Iran.

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