Iran sanctions ‘most biting’ in history

Iran sanctions ‘most biting’ in history

Iran sanctions ‘most biting’ in history

A second wave of sanctions that will more directly target Iran's petroleum industry is set to go into effect in 90 days.

Mr Trump signed an executive order reintroducing financial sanctions on Iran and sent a letter to the leaders of Congress notifying them of changes, as required by United States law.

President TrumpDonald John TrumpLeBron James to produce documentary series "Shut Up and Dribble" for Showtime Rosie O'Donnell leads anti-Trump Broadway sing-along at the White House Study warns of looming potential for runaway global warming MORE in an early morning tweet on Tuesday labeled newly reimposed sanctions on Iran the "most biting ... ever".

The US sees the sanctions "as a tool to pressure Iran to come back to the negotiating table to rehash the nuclear deal on terms more to Trump's liking".

Administration officials, meanwhile, pointed to Iran's ongoing civil unrest and economic woes and reiterated Trump's openness to meeting with Iranian leaders in announcing the sanctions action on Monday. Some of the U.S.'s closest allies have signaled they wish to continue trade with Iran, especially when it comes to oil.

The European Union, which remains a supporter of the three-year-old nuclear pact with Iran, said it is taking counter-measures to blunt the impact of the sanctions Trump has reinstituted.

The two other signatories to the 2015 pact - Russian Federation and China - also continue to support it.

Asked about any possible exemptions to the renewed sanctions, officials said they would examine any requests on a case-by-case basis.

In an executive order yesterday, Mr Trump said the sanctions seek to pile financial pressure on Iran to force a "comprehensive and lasting solution" to Iranian threats, including its development of missiles and regional "malign" activities. He dismissed a USA call for talks, saying "we are always in favour of diplomacy and talks..."

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The sanctions follow the U.S. withdrawal from the Joint Comprehensive Plan of Action, also known as the Iran nuclear deal, earlier this year.

Iranian president Hassan Rouhani said that Iran can still rely on China and Russian Federation to keep its oil and banking sectors afloat.

"They've got to behave like a normal country".

"Do you think this person (Trump) is a good and suitable person to negotiate with? But talks need honesty", Rouhani said.

"If Iran were really serious they'd come to the table".

The commission says this is created to protect European Union firms in Iran by allowing them to recover any United States damages, including legal costs.

He called on the countries of Europe to join the United States, saying, "The time has come to stop talking; the time has come to do".

US trade with Iran stood at $258 million (Dh948m) in 2016, according to the US Census Bureau, while exports to Iran from the European Union, which will be affected by secondary sanctions, were worth $13 billion previous year.

He added, "To this day, Iran threatens the United States and our allies, undermines the worldwide financial system, and supports terrorism and militant proxies around the world".

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