US fully reimposes sanctions on Iran, snapback takes effect
06 Nov 2018

The United States’ sanctions against Iran were fully reimposed on Monday, re-instating its remaining nuclear-related bans that were lifted or waived in connection with the Joint Comprehensive Plan of Action (JCPOA).

Treasury’s Office of Foreign Assets Control (OFAC) sanctioned more than 700 individuals, entities, aircraft, and vessels, in a move aimed at disrupting Iran’s ability to fund ‘its broad range of malign activities,’ and ‘permanently prevent’ it from making a nuclear weapon, a US government statement said.

Monday’s action blacklists 50 Iranian banks and their foreign and domestic subsidiaries as part of the sanctions, which Treasury said was the largest single-day OFAC action targeting the Iranian regime’s ‘abuse of Iran’s banking sector to fund its destabilizing activities.’

Treasury Secretary Steven Mnuchin said: “Iran’s leaders must cease support for terrorism, stop proliferating ballistic missiles, end destructive regional activities, and abandon their nuclear ambitions immediately if they seek a path to sanctions relief.”

“The maximum pressure exerted by the United States is only going to mount from here. We are intent on making sure the Iranian regime stops siphoning its hard currency reserves into corrupt investments and the hands of terrorists.”

Under the measures, countries that import oil from Iran will be penalised, as will foreign companies that trade with sanctioned Iranian entities.

Eight countries have been granted temporary waivers from the oil ban, which includes Turkey, Italy, India, Japan and South Korea.

“The waivers will be valid for six months, during which time the importing country can buy Iranian oil but must deposit Iran’s revenue in an escrow account. Iran can spend the money but only on a narrow range of humanitarian items,” the Associated Press explained.

Meanwhile Iran has expressed defiance, and maintains it will cope despite the measures.

Iranian president Hassan Rouhani said in a statement on the Ministry of Foreign Affairs website: “With people’s help and unity, we have to make Americans understand that they cannot talk to the great Iranian nation with the language of pressure and sanctions. They have to be punished,” he continued.

“I have told leaders of all countries whom I met on the margins of UNGA that we will break the sanctions with honour, because these sanctions are unjust and against the law, treaties and UNSC resolutions.”

Irene Madongo

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