US Increases Sanction Pressure on Iran

Forex News

The US announced a new raft of sanctions on Iran, as a part of a wider effort by US President Donald Trump to curb Tehran’s missile and nuclear programs and diminish the Islamic Republic's influence in the Middle East. It follows Washington's withdrawal from an 2015 international agreement on Iran's nuclear program.

According to the statement of the US Department of the Treasury, the sanctions cover 50 Iranian banks and subsidiaries, more than 200 persons and vessels in its shipping sector, and targets Tehran's national airline, Iran Air, and more than 65 of its aircraft. Meanwhile, US sanctions permit trade in humanitarian goods such as food and pharmaceuticals, but measures imposed on banks and trade restrictions could make such items more expensive.

US President intends to force Iran to further limit its nuclear work and halt a missile program, as well as end its support for proxy forces in Yemen, Syria, Lebanon and other parts of the Middle East.

It is also reported, that the EU, France, Germany and Britain regret about the US decision and would seek to protect European companies doing legitimate business with Tehran.