Finance

It’s official: Trump reimposes Iran sanctions, reverses "horrible" Obama-Kerry deal

It’s official: Trump reimposes Iran sanctions, reverses

As of 0401 GMT Tuesday, the Iran government can no longer buy United States banknotes and broad sanctions will be slapped on Iranian industries, including its rug exports. "They're already isolated in the world", he said.

At 12:01 AM Tuesday morning, the first wave of US sanctions suspended under the Iran nuclear deal will snap back into place, as the Trump administration tries to ramp up the economic pressure on Iran.

Why did Mr Trump abandon the nuclear deal?

Iran's rial currency has lost more than half its value since April, in part because of fears about sanctions, but also because of an attempt to fix the value of the rial.

The plunge in the currency and soaring inflation have sparked sporadic demonstrations against profiteering and corruption, with many protesters chanting anti-government slogans.

Last month, the IRGC said it was ready to act after President Hassan Rouhani said that if Washington pressed ahead with its goal of bringing Iranian oil exports down to zero, no oil would pass through the Straight of Hormuz. He again justified leaving the nuclear agreement (JCPOA) and left the door open to negotiations for new deal in the future.

To encourage Iranians to return their hard cash to the economy, the plan allows the central bank to set up dollar savings accounts for ordinary people, state television said.

"We are always in favour of diplomacy and talks ... but talks need honesty". Rouhani held a brief phone call with President Barack Obama in 2013 as the talks were getting underway, the first time presidents of the two countries had spoken directly since the 1979 Islamic Revolution.

Rouhani has suggested Iran might block the Strait of Hormuz in response to a shutdown of its oil exports.

A senior administration official says the United States is "not particularly concerned" by EU efforts to protect European firms from the re-imposition of sanctions on Iran.

The new sanctions are a effect of President Trump's decision in May to withdraw from the nuclear deal with world powers.

In exchange, United Nations-approved sanctions were lifted in January 2016, and Iran was allowed to resume trading oil and gas on the global market.

European countries, along with Russian Federation and China, remain committed to the nuclear deal, but European companies are unlikely to risk USA sanctions to do business with Iran.

The European countries said they have updated a European Union "blocking statute" to protest their companies dealing with Iran from the impact of USA sanctions.

Mr Trump believes the economic pressure will force Iran to agree to a new deal and end its "malign" activities.

"I have no pre-conditions" for negotiating America "if the USA government is ready to negotiate about paying compensation to the Iranian nation from 1953 until now", Rouhani said.

Pompeo said the intensified pressure on Tehran was created to "push back against Iranian malign activity".

They said the Iranian government's handling of social and labour protests was a concern.

It has added to tensions inside Iran, which has seen days of protests and strikes in multiple towns and cities over water shortages, high prices and wider anger at the political system. Individuals or entities that fail to wind down activities with Iran risk severe consequences.

The drive, supported by Secretary of State Mike Pompeo and National Security Adviser John Bolton, has intensified since Trump withdrew on 8 May from a 2015 seven-nation deal to stop Iran from developing nuclear weapons.


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