All you need to know about latest US sanctions on Iran

All you need to know about latest US sanctions on Iran

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Trump administration unleashes full sanctions on Iran that were relieved after 2015 nuclear deal

The Trump administration on Monday renewed sanctions against hundreds of entities throughout Iran’s energy and economic sector which were lifted under the 2015 nuclear deal in a bid to pressure Iran.

The sanctions were first implemented during the Obama administration. The renewed penalties fulfills President Donald Trump’s vow six months ago to ratchet up pressure on Iran, saying it will lift the sanctions only after Iran’s leadership in Tehran accepts its list of 12 demands. U.S. Treasury and State departments essentially blacklisted more than 700 Iranian firms and individuals.

“The Iranian regime has a choice. It can either do a 180-degree turn from its outlaw course of action and act like a normal country or it can see its economy crumble,” Secretary of State Mike Pompeo said at a press conference.

What are the latest US sanctions on Iran?

Following are the sanctions imposed by US Iran on Monday 5 November:

  • More than 700 individuals, entities, vessels and aircraft are now on the sanctions list, including major banks, oil exporters and shipping companies.
  • Some 250 people designated as “Specially Designated Nationals and Blocked Person”
  • The operators of Iran’s ports, shipbuilding sector and shipping firms, with some 200 people and vessels targeted.
  • Buying from or selling to Iranian oil firms and the sale of any petrol-based products from Iran
  • Transactions by foreign finance organizations with 50 Iranian banks, including the Central Bank of Iran
  • Insuring Iranian organizations or individuals
  • Iran’s energy and aviation sectors, with 67 aircraft named under the ban and sanctions on 23 people and organizations linked to the Atomic Energy Organisation of Iran.
  • Anyone found to “engage in certain transactions” with any of the above.

Which countries are exempted to continue importing Iran oil?

The United States will allow eight countries to temporarily keep importing Iranian oil after sanctions. The Trump administration has granted temporary exemptions to eight countries to continue importing Iranian oil – China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.

What is 2015 Iran Nuclear deal?

In 2015, Iran agreed on a long-term deal with the P5+1 group of world powers – the US, UK, France, China, Russia and Germany which offered Tehran billions of dollars in sanctions relief in exchange for agreeing to curb its nuclear program.

The deal was widely hailed as it came after years of tension over Iran’s alleged efforts to develop a nuclear weapon. Iran insisted that its nuclear programme was entirely peaceful, but the international community did not believe that.

However, on May 8, 2018, United States President Donald Trump announced the United States was withdrawing from the deal.

Iran defiant in the face of latest US sanctions

Iran’s President Hassan Rouhani has vowed to “break” sanctions re-imposed by the US, resisted the Trump administration pressure move to isolate the country economically.

“We will proudly break the sanctions,” Hassan Rouhani said during a meeting of government officials in the Iranian capital.

“We are in a situation of economic war, confronting a bullying power. I don’t think that in the history of America, someone has entered the White House who is so against law and international conventions,” he added.

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