Published: Tue, August 07, 2018
Business | By Eloise Houston

Trump administration within hours of reimposing Iran sanctions

Trump administration within hours of reimposing Iran sanctions

US Secretary of State Mike Pompeo vowed Sunday that the United States would "enforce the sanctions" it is reimposing after President Donald Trump pulled out of the 2015 nuclear pact.

"I am pleased that many worldwide 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", the president said in a statement.

"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 verifiably", Bolton told Fox News.

He said behaving like a normal country was "the ask".

"I do not have any precondition if the US administration is prepared today", Rouhani said on Monday. "They're already isolated in the world", he said.

"The JCPOA, a awful, one-sided deal, failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb, and it threw a lifeline of cash to a murderous dictatorship that has continued to spread bloodshed, violence, and chaos", Trump said.

Why did Mr Trump abandon the nuclear deal?

The reimposed sanctions will hit Iran's gold and precious metals trade and its automotive industry.

A senior administration official said Monday that the snap back of these sanctions "supports the president's decision to impose significant financial pressure" on Iran and cut off its ability to fund terrorism and "export revolution" throughout the region.

Pompeo noted that the U.S. has long designated Iran as the world's foremost state sponsor of terrorism and said it can not expect to be treated as an equal in the worldwide community until it halts such activities.

"We are happy to talk if there's an arrangement that is appropriate, that could lead to a good outcome", he said.

Rouhani expressed concern that Trump has backed out of previous dialogue and negotiations with Iran.

The nuclear deal lifted global sanctions in return for Iran limiting its nuclear program and allowing regular inspections.

President Donald Trump's administration announced on Monday it would reinstate sanctions Tehran after it withdrew from the Iran deal - and the Islamic Republic has made no shortage of vitriolic threats about what it might do in response.

The two countries are also in dispute over Iran's involvement in Middle Eastern conflicts from Yemen to Syria and tensions between Tehran and Israel.

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

The official says the U.S. will use the sanctions aggressively and cited Iran's severe economic downturn this year as evidence the sanctions would prove to be effective despite opposition from the EU, China and Russian Federation.

They also unveiled a "blocking statute" that will seek to protect European firms doing business with Iran against the impact of USA sanctions.

"Reimposition of nuclear-related sanctions through today's actions further intensifies pressure on Tehran to change its conduct", Trump said. Sporadic protests have broken out across the country, something that Rouhani again blamed Monday on the U.S.

The officials who spoke to Reuters said the campaign, consisting of speeches and online material paints Iranian leaders in a harsh light, at times using information that is exaggerated or contradicts other official pronouncements, including comments by previous administrations.

Iran's net official reserves are projected to decline this year to $97.8 billion, enough to finance about 13 months of imports, the International Monetary Fund estimated in March.

The US also plans to reintroduce potentially more damaging sanctions on Iranian oil in November.

Mr Trump warned that individuals or entities who breach the sanctions risk "severe consequences".

A joint statement issued on Monday by the foreign ministers of the EU's 28 member states, including the UK's foreign secretary, Jeremy Hunt, said there was a "determination to protect" the bloc's economic interests and the nuclear deal known as the joint comprehensive plan of action (JCPOA), which Brussels, along with China and Russian Federation, continues to support.

But major European companies, fearful of being locked out of the US market and financial system, have already canceled economic deals with Iran, including French oil giant Total and container shipping firm Maersk.

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