The Trump administration has announced plans to reinstate the final round of sanctions on Iran, which were lifted under the controversial 2015 Iran nuclear deal.
Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin announced the sanctions on Iran’s shipping, financial and energy sectors. Particularly, the sanctions will target Iran’s crude oil exports and will penalize countries that don’t stop importing oil and foreign companies that do business with certain Iranian entities.
President Trump had withdrawn from the 2015 Iran nuclear deal in May this year after describing it as “defective at its core”.
Former US president Barack Obama had argued that the deal would prevent Iran from developing nuclear arms.