‘Do business with Iran or the US’

Trump warns against trading with Iran after reimposing sanctions.

Washington: President Donald Trump on Tuesday warned that anyone trading with Iran will not be allowed to do business with the United States hereafter following the re-imposition of sanctions on Iran. “Anyone doing business with Iran will NOT be doing business with the US,” Trump tweeted.

The sanctions follow the US withdrawal from the Joint Comprehensive Plan of Action, also known as the Iran nuclear deal, earlier this year. Trump signed an executive order which brought sanctions back into place at on Tuesday.

According to a US State Department statement, the sanctions target the purchase or acquisition of US bank notes 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, the rial; activities relating to Iran’s issuance of sovereign debt, and Iran’s automotive sector.

Second round of sanctions planned

A second round of sanctions is planned to take effect on November 5 which will have implications for Iran’s energy and shipping sectors, petroleum trading and transactions by foreign financial institutions with the Central Bank of Iran. The Iran deal was negotiated during the presidency of Barack Obama, which saw Iran limit its controversial nuclear activities in exchange for sanctions relief.

In a statement before the sanctions were reimposed, Trump said he was “open to reaching a more comprehensive deal” with Iran, but his Iranian counterpart Hassan Rouhani dismissed the idea of talks with the US.

A psychological warfare: Iranian President

Iran’s President Hassan Rouhani hit out against the US for the punitive action against Iran’s oil trade, saying the measures were “psychological warfare” aimed to “sow division among Iranians”. The European Union said the bloc, as well as Britain, France and Germany, deeply regretted the US move.

(With inputs from Agencies)

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