US reimposes sanctions on Iran: Famous Iranian carpets in line of fire

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Published: August 7, 2018 12:12:46 PM

Just three months after pulling out of the nuclear deal, Donald Trump-led US authorities reimposed sanctions on Iran.

US President Donald Trump, donald trump, usThese sanctions will impact import of famous Iranian carpets and other food items, as the import of these products stops today. (Reuters)

Just three months after pulling out of the nuclear deal, Donald Trump-led US authorities reimposed sanctions on Iran. The US policy is to exert “maximum economic pressure” on the country, US authorities said. These sanctions will impact import of famous Iranian carpets and other food items, as the import of these products stops today. It was on May 8 that the National Security Presidential Memorandum directed the Secretary of State and the Secretary of Treasury to chalk out roadmap for a reimposition to a full-sanctions regime. The following sanctions come into existence today onwards:

1)On Iran buying or acquiring US dollars;

2)On Iran’s trade in gold or precious metals;

3)On direct or indirect sale or supply from or to Iran of graphite, aluminum, steel, coal, software for integrating industrial processes;

4)On “significant transactions” related to purchase or sale of Iranian rials, or maintenance of “significant funds or accounts” in rials outside Iran;

5)On buying or facilitating the issuance of Iranian sovereign debt; and

6)On Iran’s automotive sector

Impact

The reimposed sanctions are ‘extraterritorial’ as they not only apply to the American individuals and businesses, but to non-American businesses or individuals as well. The foremost motive behind the reimposition of these sanctions on Iran is to punish trade and investment activity related to Iran by everyone who is not particularly excluded from the sanctions.

“We urge all nations to take such steps to make clear that the Iranian regime faces a choice: either change its threatening, destabilizing behavior and reintegrate with the global economy, or continue down a path of economic isolation,” US President Donald Trump said.

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