What US sanctions against Iran will snap back on Tuesday?

US President Donald Trump's decision in May to withdraw from the 2015 nuclear deal has paved the way for the reimposition of US sanctions against Iran beginning on Tuesday.


The US sanctions will come in two phases, based on the 90-day and 180-day wind-down periods set by the US Department of Treasury.

Counting from May 8, when Trump made his announcement, the first phase takes effect on August 7, after the 90-day wind down expires on August 6. The second and bigger phase, targeting Iran's energy industry, will take effect on November 5.
The so-called "wind downs" are essentially grace periods given by the US government to companies, both American and foreign, to wrap up their business, terminate operations, and pull their money out of Iran.


Companies including GE and Honeywell were among the US companies operating in Iran that had to pull back their investments because of the sanctions.



Major foreign companies such as the French energy giant Total, and the Danish shipping line Maersk also started operations in Iran after the 2015 nuclear deal. But because of their presence in the US market, they too had to withdraw after Trump's announcement. Or else, they would have risked getting penalised by the US government as well. 

US Secretary of State Mike Pompeo has warned the United States "will hold those prohibited businesses in Iran to account".

With the US sanctions against Iran in place, the following items and business transactions will be prohibited by the US as of Tuesday:

Post a Comment

0 Comments