Trump Administration Revives Sanctions on Iran
Mike Pompeo and Steven Mnuchin have announced a fresh wave of sanctions targeting Iran’s shipping, financial, and energy sectors. The move comes after the U.S. pulled out of the 2015 Iran nuclear deal, a treaty that many say was bound to crumble.
What’s Getting hit?
- Iran’s crude oil exports – the cornerstone of the country’s economy.
- Countries that keep purchasing Iranian oil – they’ll face hefty penalties.
- Foreign companies doing business with designated Iranian entities – they’re now off limits.
- Financial institutions laundering money for or with Iranian officials – they’ll be under scrutiny.
Why the Shakeup?
President Trump’s decision to exit the nuclear deal in May was sparked by his claim that the agreement was “defective at its core.” He felt the deal didn’t do enough to stop Iran from building nuclear weapons, a view that diverged sharply from former President Barack Obama’s optimism that the treaty would curb Iran’s nuclear ambitions.
Rolling Out the Sanctions
With the new restrictions in place, any nation or business caught buying untaxed Iranian oil will face fines. Likewise, entities engaging with the earmarked Iranian companies will find themselves scrambling to evade the penalties.
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