Trump restores Iran sanctions as Rouhani feels economic pressure

Federica Mogherini

Federica Mogherini

"Prices are rising again, but the reason is government corruption, not U.S. sanctions", said Ali, a 35-year-old decorator in Tehran.

Trump decided this year to pull out of the agreement, ignoring pleas from the other world powers that had co-sponsored the deal, including Washington's main European allies Britain, France and Germany, as well as Russian Federation and China. European allies say they "deeply regret" the USA action.

Iran's rial currency has lost half its value since April under the threat of revived USA sanctions.

We are doing our best to keep Iran in the deal, to keep Iran benefiting from the economic benefits that the agreement brings to the people of Iran because we believe this is in the security interests of not only our region, but also of the world. Iran's currency has lost around half its value since Trump announced the United States would withdraw from the nuclear pact.

US President Donald Trump on Tuesday warned that any country doing business with Iran will not trade with the US as the first set of US sanctions against Iran that had been eased under the landmark nuclear accord went back into effect.

Further sanctions on Iran's lucrative oil industry and energy sector are due to follow in November.

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"In my opinion, there is a good chance of that". United States imports of food and carpets from Iran are also restricted.

The newly reimposed sanctions target transactions with USA dollar banknotes; trade in gold and precious metals; direct or indirect sales of graphite and metals such as steel and aluminum; certain transactions related to the Iranian rial; certain transactions related to issuing Iranian sovereign debt; and Iran's automotive sector.

"We are determined to protect European economic operators engaged in legitimate business with Iran", the foreign ministers of Britain, France, Germany and the European Union said in a joint statement on Monday.

"It is a commercial decision for companies whether they continue to work in Iran", Burt said.

The deal, negotiated during the presidency of Barack Obama, saw Iran limit its controversial nuclear activities in exchange for sanctions relief.

US Secretary of State Mike Pompeo said sanctions are an important pillar in US policy toward Iran and will remain in place until the Iranian government radically changes course.

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

It bans European companies from complying with the USA sanctions, nullifies any U.S. court order against European businesses and makes it legally possible for affected firms to seek compensation.

"This is an important moment for Israel, the USA, the region and the entire world", Netanyahu said.

European Union officials, however, were quoted on Monday as saying that a number of other countries had asked them for details on the blocking regulations as they also explore ways to bypass sanctions.

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

"There will be pressure because of sanctions, but we will overcome this with unity".

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