5 November 2018

The US reinstates sanctions over Iran

After the US unilaterally withdrew from the Iran Nuclear Deal, it has reinstated strong sanctions over Iran on 5 November, turning up the pressure on the country for its alleged missile and nuclear programme. This new package of sanctions will add 300 new designations including Iran’s oil, shipping, insurance and banking sectors, which are vital to Iranian economy taking into account that Iran’s energy sector accounts for up to 80% of the country’s income from exports. This situation endangers the stability of the already delicate Iranian economy, which suffers from the plummeting value of its currency and a shake-up of President Hassan Rouhani’s economic team among others, accompanied by nationwide protests against rising prices and economic conditions. On Monday 5 November, at a meeting broadcast live on state television, Iranian President Rouhani stated: “America wanted to cut to zero Iran’s oil sales […] but we will continue to sell our oil […] to break sanctions”. On his side, on a campaign rally for US midterm elections, President Trump said: “The Iran sanctions are very strong; they are the strongest sanctions we have ever imposed. And we will see what happens with Iran, but they’re not doing very well, I can tell you”.

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