U.S. sanctions lifted under nuclear deal reimposed
TEHRAN — Iran is bracing for the restoration of U.S. sanctions on its vital oil industry next week, as it grapples with an economic crisis that has sparked sporadic protests over rising prices, corruption and unemployment.
The Trump administration on Friday announced the reimposition of all U.S. sanctions on Iran that had been lifted under the 2015 nuclear deal, ramping up economic pressure on the Islamic Republic.
The oil sanctions, set to take effect on Monday, will target the country’s largest source of revenue in the most punishing action taken since the Trump administration withdrew from the 2015 nuclear agreement in May, and will also affect Iranian shipping and financial transactions.
Tehran state TV highlighted the U.S. decision to allow eight nations to maintain imports of crude oil from Tehran, calling it a sign of the U.S.’s “failure” to reduce Iran’s oil exports to nil.
Secretary of State Mike Pompeo announced the exemption for eight nations on Friday, saying they would be announced on Monday and will include U.S. allies such as Turkey, Italy, India, Japan and South Korea which had made efforts to eliminate their imports but could not complete the task by Monday.
The United States has already restored sanctions on Iran targeting financial transactions involving U.S. dollars, Iran’s automotive sector and the purchase of commercial airplanes and metals, including gold.
The White House insists the sanctions are not aimed at toppling the Islamic Republic, but at forcing Iran to dramatically alter its policies in the region, including its support for militant groups across the Mideast and its development of ballistic missiles. The U.N. nuclear agency says Iran is complying with the nuclear deal.