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Trump’s administration, on Monday, made true his threats of restoring sanctions on Iran’s oil, transport and banking sectors. The sanctions come not long after Trump pulled the United States out of the Iran deal. These measures are aimed at suppressing Iran’s activities in the conflicts in Yamen, Syria, and Lebanon. Trump is targeting Iran’s general influence in the middle east. He does not fancy the idea of Tehran completing its missile and nuclear projects either.
Iran has come out to claim that its oil business has not been affected. Iran’s vice president Eshaq Jahangiri, on Tuesday, said that Iran has been able to sell all the oil it needs to, despite Washington’s actions and threats to reduce their oil economy to zero. Iran has however asked for shielding from European countries that are in support of the Iran deal. Turkey and Russia have strongly opposed the sanctions. Tehran has termed the steps by Washington as economic warfare and has resolved not to follow.
Turkey’s President Racep Tayyip Erdogan has weighed in on the matter and vowed to not abide by the sanctions. He was of the view that Washington was seeking to unbalance the world. Russian Foreign Minister termed Trump’s actions as “unacceptable methods” of edging out Iran financial systems from the global financial network.
European nations that were part of the 2015 Iran deal have also opposed the re-imposed sanctions. They too have resolved to ignore the sanctions and continue engaging with Iran. EU wants to create a special system that will sidestep the sanctions. Iranian Foreign minister, Javad Zarif, acknowledged the idea but said it needs to be more efficient and expedited with speed.
Javad Zarif said that Trump is not yet experienced in office, and is operating with the same gusto that his predecessors were when they can into office. He said Trump’s predecessors came around after realizing the bravado was not going to achieve much. He believes that Trump will come around too, and employ diplomacy instead of chest thumping.
Trump’s actions will certainly hurt Iran’s oil sector, which is their main source of revenue. Iran’s financial sector will suffer a blow too if it is cut off from U. S’s financial systems. Reports indicate that Iran’s oil exports have been dwindling since May when Trump started toying with the idea of restoring sanctions on Tehran. Abdolnasser Hemmati, the president of Iran’s Central bank has advised Iranian banks to employ the previous experience with such sanctions to be able to facilitate foreign trade and financial interactions. That’s a sign that the financial sector in Iran is feeling the heat too.