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US enforces reimposed sanctions on Iran

by ChemOrbis Editorial Team -
  • 07/08/2018 (09:20)
The US administration is taking action to reimpose the first batch of sanctions on Iran that were lifted under the Joint Comprehensive Plan of Action (JCPOA), according to an official press release published on the White House’s website on August 6.

Accordingly, the US administration will be reimposing specified sanctions on August 7, which marks the end of the 90-day wind-down period for business activities in or involving Iran.

The first set of sanctions coming into effect on August 7 include restrictions on the purchase or acquisition of US dollars by the Iranian government; Iran’s trade in gold and other precious metals; the automotive sector of Iran; transactions related to the Iranian rial; and activities related to Iran’s issuance of sovereign debt.

The US administration is expected to reimpose the remaining sanctions after November 4, the final day of the 180-day wind-down period. The second set of sanctions is expected to target Iran’s energy sector with restrictions on Iran’s port operators and energy, shipping, and shipbuilding sectors; petroleum-related transactions; and transactions by foreign financial institutions with the Central Bank of Iran.
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