Trump Boasts About "Most Biting" Sanctions On Iran

Trump Boasts About

Mr Trump warned that those who do not wind down their economic ties to Iran "risk severe consequences".

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

Iranian Foreign Minister Mohammad Javad Zarif said Monday that the leaders of the United States, Saudi Arabia and Israel were isolated in their hostility to Iran.

The US re-imposed a wave of tough, unilateral sanctions against Iran on Tuesday, bringing back into effect harsh penalties lifted by the deal. The US wasn't trading with Iran in the first place, so Iran isn't actually losing anything on that front.

Authorizations will also be revoked for the import of Iranian-origin carpets and foodstuff and the export of commercial aircraft.

Israeli Prime Minister Benjamin Netanyahu, a firm foe of the Iranian government, said the sanctions symbolize "the determination to block Iran's regional aggression as well as its continuous plans to arm itself with nuclear weapons".

Saudi Arabia and Israel, Iran's key regional rivals, are among the only countries to strongly support the reimposition of United States sanctions.

"The European Union's updated Blocking Statute enters into force on 7 August to protect EU companies doing legitimate business with Iran from the impact of USA extra-territorial sanctions", said a joint statement by Ms Mogherini and the foreign ministers of France, Germany and Britain. Some of the U.S.'s closest allies have signaled they wish to continue trade with Iran, especially when it comes to oil.

The foreign ministers of Germany, the United Kingdom and France released a statement on Monday that said the nuclear deal remained "crucial" to global security. Additional sanctions on Iran will go into effect in early November.

Many large European firms are leaving Iran for fear of U.S. penalties, and Mr Trump warned of "severe consequences" against firms and individuals that continued to do business with Iran. A total of $100bn in frozen Iranian assets was also released.

"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 US was an original signatory to the agreement with Iran, along with Britain, France, Germany, Russia, China and the EU.

But Obama's successor Trump pulled out of the pact on May 8, fulfilling a 2016 campaign promise to withdraw from a deal he once described as the "worst ever".

Perhaps seeking to head off more unrest, Iran announced steps this week to make it easier to access foreign currency, and said it was prosecuting an ex-central bank official for economic crimes.

Majidyar noted the threat of sanctions had already forced major global companies and banks to scale down their activities in Iran.

The sanctions are set to cause huge damage to the Iranian vehicle industry as PSA have said they will be pulling out, whilst Renault are following suit. Energy dependent Japan and Germany both are reluctant to cut business relations with Iran.

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