US reimposes tough, unilateral sanctions against Iran

Washington, Aug 7: The United States re-imposed a wave of tough, unilateral sanctions against Iran on Tuesday, three months after President Donald Trump pulled the US out of the international accord limiting Iran's nuclear activities.

Trump declared the landmark 2015 agreement had been "horrible," leaving the Iranian government flush with cash to fuel conflict in the Middle East.

Iran accused the US of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest. European allies said they "deeply regret" the US action.

Trump said in a statement, "We urge all nations to take such steps to make clear that the Iranian regime faces a choice: either change its threatening, destabilizing behavior and reintegrate with the global economy, or continue down a path of economic isolation."

A first set of US sanctions that had been eased under the accord were going into effect at one minute past midnight under an executive ordered signed by Trump. Those sanctions affect financial transactions that involve U.S. dollars, Iran's automotive sector, the purchase of commercial planes and metals including gold.

A second batch of US sanctions targeting Iran's oil sector and central bank are to be reimposed in early November.

Trump warned that those who don't wind down their economic ties to Iran "risk severe consequences."

OneIndia News (with agency inputs)