Trump Reimposes Sanctions on Iran, Says Open to New Nuclear Deal

File image of US President Donald Trump. 

(Photo: AP)

US President Donald Trump on Monday, 6 August, reimposed sanctions on Iran, which were lifted as part of the 2015 Iranian nuclear deal, but said he remains open to forging a new "more comprehensive" deal with the Islamic Republic.

In May, Trump had announced to withdraw from the Iranian nuclear deal. The re-imposition of sanctions on Iran will have major impact on countries like India, with which it has traditional and historic trade relationship.

"Today, the US is taking action to reimpose nuclear-related sanctions with respect to Iran that were lifted in connection with the Joint Comprehensive Plan of Action of 14 July, 2015 (the JCPOA)," Trump said.

What Are the Sanctions?

These actions include reimposing sanctions on Iran's automotive sector and on its trade in gold and precious metals, as well as sanctions related to the Iranian rial. These measures will take effect on 7 August, 2018.

All remaining US nuclear-related sanctions will resume effective 5 November, 2018. These include sanctions targeting Iran’s energy sector, including petroleum-related transactions, as well as transactions by foreign financial institutions with the Central Bank of Iran.

US President Donald Trump

At the same time, Trump said he remains open to reaching a "more comprehensive deal" that addresses the full range of the Iranian regime's malign activities, including its ballistic missile programme and its support for terrorism.

"The US welcomes the partnership of likeminded nations in these efforts," he added.

Strict Consequences to Countries Seen Working With Iran: Trump

Reiterating that the US is fully committed to enforcing all of its sanctions, and will work closely with nations conducting business with Iran to ensure complete compliance, Trump warned that individuals or entities that fail to wind down activities with Iran risk severe consequences.

Trump said that many international 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.

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

Beginning on Tuesday, sanctions will be reimposed on purchase or acquisition of US bank notes by Iran; transactions related to the Iranian rial, activities relating to Iran's issuance of sovereign debt and Iran's automotive sector.

Sanctions will also be reimposed on Iran's trade in gold and other precious metals and graphite, aluminum, steel, coal, and software used in industrial processes, the White House said today.

However, the remaining sanctions will be reimposed on 5 November, including sanctions on Iran's port operators and energy, shipping, and shipbuilding sectors; Iran's petroleum-related transactions and transactions by foreign financial institutions with the Central Bank of Iran.