US Re-imposes Sanctions Against Iran

Posted on: 09/08/2018

US Re-imposes Sanctions Against Iran

 

The first phase of United States Sanctions was reintroduced this week, with a firm warning from President Trump.

"Anyone doing business with Iran will NOT be doing business with the United States," the president tweeted.

The products affected under this measure are:

 

  • The purchase or acquisition of US banknotes by Iran's government
  • Iran's trade in gold and other precious metals
  • Graphite, aluminium, steel, coal and software used in industrial processes
  • Transactions related to the Iranian currency
  • Activities relating to Iran's issuance of sovereign debt
  • Iran's automotive sector

 

A second phase is envisaged for November, which will affect the energy and shipping sectors.

 

The announcement brought a swift reaction from the foreign ministers of Germany, France and the United Kingdom, who unveiled a blocking statute, which is intended to protect European firms doing business in spite of the new sanctions. The statute will enable EU based firms to recover damages arising out of US sanctions.

 

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