WEB DESK
The United States is all set to restore sanctions on Iran that were lifted under the 2015 multilateral nuclear deal. The first set of sanctions will come into effect at 04:01 UTC on Tuesday. It includes those on Iran’s automobile and steel sectors, as well as trade in precious metals. Any foreign business or financial institution that violates the sanctions could be punished by the US.
President Donald Trump announced in May that the US would pull out of the deal. On Monday, Trump signed an Executive Order to reintroduce economic sanctions on Iran.
Senior officials in the US administration said on Monday that they are aiming to modify the Iranian regime’s behavior and hope that Iran will behave like a normal country.
The second set of sanctions to be reintroduced in November will target petroleum-related transactions, and are aimed at cutting Iran’s exports of crude oil.
Governments and companies of various countries, including Japan, are being forced to decide whether they will maintain their business deals with Iran.
Iran has reacted sharply to the US move, threatening to blockade the Strait of Hormuz, a major oil shipping route.
The country’s Revolutionary Guard Corps conducted military drills in nearby waters last week.
The resumption of US sanctions is likely to heighten tensions between the 2 countries and increase uncertainty in the Middle East.