The Trump administration announced that it is reenacting a host of sanctions on Iran which were originally lifted after a nuclear deal negotiated under the Obama administration. The sanctions will go into effect at 12:01 a.m. on Tuesday (August 7) morning.
"The United States is fully committed to enforcing all of our sanctions, and we will work closely with nations conducting business with Iran to ensure complete compliance. Individuals or entities that fail to wind down activities with Iran risk severe consequences," President Donald Trump said in a statement.
The sanctions are aimed at making it more difficult for Iran to engage in international trade. They also limit the country's access to the U.S. dollar, ABC News reported.
These are sanctions on Iran's trade in gold and precious metals; the sale or transfer of other metals like aluminum, steel, or coal; transactions related to Iran's currency, the rial; the issuance of Iranian sovereign debt; the purchase or acquisition of US dollars by Iran; and perhaps most bitingly, on Iran's automotive sector.
The second set of sanctions, which are pointed at Iran's oil industry, are set to go into effect on November 4th, unless a new deal can be struck. President Trump has offered his willingness to meet with Iranian leaders, who have rebuked his offer.
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