The White House on Friday confirmed re-imposition of toughest sanctions on Iran, which were lifted under the 2015 nuclear deal.
The United States declared the sanctions on Iran's shipping, financial and energy sectors. The sanctions were slapped on Iran targeting the crude oil export of the country.
President Donald Trump's administration will also penalise countries for importing oil and foreign companies that do business with certain Iranian entities.
"President Donald J. Trump is re-imposing the toughest sanctions ever on Iran, targeting many of the corrupt regime's critical sectors," stated a readout issued by the White House.
Terming the 2015 Iran Nuclear Deal as the "disastrous", the Trump administration warned about "severe consequences" for those who attempt to violate or circumvent the imposed sanctions.
The Trump administration further asserted that the sanctions would target transactions with the Central Bank of Iran and designated Iranian financial institutions.
"Reimposing sanctions will cut off revenues the regime uses to bankroll terrorist groups, foment global instability, fund nuclear and ballistic missile programs, and enrich its leaders," the readout reiterated.
However, the sales of food, agricultural commodities, medicine, and medical devices to Iran have always been and shall remain exempted from the sanctions, the statement from the White House said.
The White House has already issued 19 rounds of sanctions, designating 168 Iran-related persons.
"These individuals were targeted for their ties to Iran's support of terrorism, ballistic missile program, human rights abuses, criminal activities, and more," the readout confirmed.
The Trump administration also asked other importers to reduce the import to zero and asserted that fewer exceptions to sanctions are being provided.
Talking about dealing with the world's energy needs, the readout stated that the US is "confident that energy markets will remain well supplied despite Iranian oil export reductions."
The White House further stated that the US is working with oil producers around the world to increase their supply as well.
"As a result of this increased production, respected forecasters like the United States Energy Information Administration expect global oil supply to keep pace with demand in late 2018 and exceed demand in 2019," the readout claimed.
The sanctions come after Washington walked out of the 2015 Nuclear Deal with Iran, which was signed by former United States president Barack Obama. Obama had lifted sanctions imposed on Iran.
US President Donald Trump, however, walked out of the deal and reinstated sanctions citing Iran's support to ill-governance and Middle-East uprisings.
The US was supposed to impose sanctions on Iran oil export and transactions with its Central Bank on November 4.
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