Iran sanctions ‘most biting’ in history

Iran sanctions ‘most biting’ in history

The first set of US sanctions against Iran that had been eased under the landmark nuclear accord have gone back into effect.

Renewed US sanctions on Iran have come into effect, adding to pressure on the Islamic Republic's economy and leadership, despite dismay from Washington's European allies.

"It is a commercial decision for companies whether they continue to work in Iran", Burt said. "By returning to the JCPOA", he said, using the technical name for the 2015 nuclear deal.

It called on the global community "not to allow such significant achievements in multilateral diplomacy to be sacrificed in the name of American aspirations to settle political scores with Iran".

"I want to make this very clear because we're talking about trade and economic relations with Iran because - this is an integral part of the nuclear deal".

"It has provided a possible route to claiming damages for EU operators affected by the extra-territorial effect of some United States sanctions legislation", said Maya Lester, a barrister in public law, EU, and competition law at Brick Court Chambers.

John Glaser, director of foreign policy studies at the Cato Institute, noted that the USA 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. Anyone doing business with Iran will NOT be doing business with the United States", he said.

The new rules allow unlimited tax-free currency and gold imports, and reopen exchange bureaus after a disastrous attempt to fix the value of the rial in April backfired spectacularly with corrupt traders making a fortune out of a mushrooming black market.

The European countries have promised to try to mitigate the impact of renewed US sanctions to persuade Tehran to continue to abide by the deal's terms.




Analysts believe the EU's statute will be hard to enforce and many worldwide companies - facing the alternative of stiff USA penalties and the potential loss of access to United States markets - are withdrawing investment from Iran.

"The EU does not have the power to prevent the imposition of USA sanctions, either primary or secondary sanctions". European allies say they "deeply regret" the USA action.

The European Union Foreign Policy Chief Federica Mogherini says the EU is encouraging investors to maintain business ties with Iran to preserve the nuclear deal, despite the U.S. withdrawal.

"So for the moment the choice is already made by most of these companies to pull out of Iran, despite the threat of the European Union to sue them for doing so", Euronews' Brussels correspondent Bryan Carter reported for Good Morning Europe.

The "Trump Administration wants the world to believe it's concerned about the Iranian people", Iranian foreign minister Mohammad Javad Zarif said in a statement posted to Twitter.

European Union foreign affairs chief Federica Mogherini and the French, German and British foreign ministers said they deeply regretted Trump's action.

The U.S has long designated Iran as the world's foremost state sponsor of terrorism.

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

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