US to resume sanctions against Iran

The White House said in a statement on Monday that the US will reactivate a slew of sanctions on Iran's financial and industrial sectors beginning on Tuesday.

The action, followed by another set of sanctions scheduled for November, will bring US sanctions against Iran to the level on par with those prior to a major multilateral nuclear deal reached in 2015, Xinhua reported.

US President Donald Trump withdrew the US from the Joint Comprehensive Plan of Action in May while other signatories vowed to remain committed to it.

The first batch of sanctions, which will take effect on Tuesday, target Tehran's purchase of US banknotes, trade in gold and other precious metals, as well as the use of graphite, coal, aluminum and steel in industrial processes.

They also affect transactions related to the Iranian Rial, the issuance of sovereign debts, and the country's automotive sector.

Another round of sanctions, to be reinstalled in November, will be on Iran's port, energy and shipping sectors, its petroleum-related transactions, and foreign transactions with the Central Bank of Iran, according to the statement.

--IANS

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