Move FM Global News

WASHINGTON, U.S. – Months after the U.S. President Donald Trump exited the 2015 Iran Nuclear Deal, his administration reimposed the first set of sanctions that Tehran received relief from under the international agreement. 

Now, the Trump administration has announced its second and the last round of sanctions against the Islamic Republic – touting the latest action as the strongest ever U.S. sanctions slapped on Iran.

In May this year, Trump pulled out of the Obama-era Iran Nuclear deal, which is officially called the Joint Comprehensive Plan of Action (JCPOA) and was signed with the United Kingdom, Russia, France, China, Germany, and the European Union.

The deal promised Iran relief from sanctions in exchange for limiting its nuclear program.

Criticizing the deal as being one of the worst agreements in history, Trump defied pressure from strong European allies and decided to quit the pact.

Trump’s May decision sent the Iranian economy in a free fall, while the country’s official currency – the Rial lost almost two-thirds of its value.

This was followed by the U.S. administration reimposing the first round of sanctions that affected transactions with U.S. dollar banknotes and trade in gold and precious metals, graphite, and cars.  

‘Sanctions are coming’

On Friday, Trump’s day started with a controversy, after he used a ‘Game of Thrones’ meme, using a poster-like photo of himself, along with a classic phrase from the blockbuster HBO show. 

Trump warned Iranian leaders, “Sanctions are coming, November 5.”

However, Trump’s presentation and the tone did not go down well with several people and groups, including HBO – which tweeted soon after, “How do you say trademark misuse in Dothraki?”

Following Trump’s tweet, U.S. Secretary of State Mike Pompeo confirmed that the administration was set to reimpose sanctions on Iran and even pointed out in his statement that, “far tougher sanction than have ever been imposed on the Islamic Republic of Iran.”

In a conference call on Friday, U.S. Treasury Secretary Steven Mnuchin elaborated on the U.S. plans while speaking to reporters alongside.

Mnuchin said that Sunday’s sanction are focussed on levying fines on three sectors that together form the base of Iran’s economic health – its oil exports, shipping and banking sectors.

The top official further revealed that the U.S. will add 700 individuals and companies to a list of blocked entities.

He pointed out that 400 of the entities listed were not originally sanctioned before the Iran nuclear deal.

Mnuchin told reporters that the list of blocked entities including individuals, aircraft, vessels, and organizations tied to the energy sector.

Meanwhile, Pompeo revealed that the U.S. had decided to grant temporary waivers to eight “jurisdictions” from the energy related sanctions.
While the country’s top diplomat did not name the eight countries – among the countries that are the top importers of Iran’s oil – China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan – Turkey revealed that it was one of the countries that received a waiver. 

The punishing oil sanctions will come into effect on Monday.