US Sanctions on Iran
United States, a day earlier, revealed a set of sanctions terming it full extent aimed at preventing Iran from playing active role in Middle East which US deem destabilizing in the wake of conflicts in Middle East. Mike Pompeo, a secretary of the state, quoted Iran has ‘to abandon its current revolutionary course.’
In order to pressurize Iran, 50 banks and their subsidiaries, national airline and over 200 officials of shipping industry and transport vessels. It is to be noted this would Iran with little grounds of doing business with international entities or Iran has to take U-turn of 180 degree, Pompeo remarked.
Prior to this, Iran was sanctioned due to its alleged nuclear program end with signing a deal JCPOA. It is to be noted that three civil nuclear reactors were exempted and received temporary waiver for not having the potential of military grade enrichment. This time, eight states are exempted from exporting oil from Iran which constitutes major export chunk of Iran. These states include Italy, Turkey, India, Japan, South Korea, China, Taiwan and Greek. Formally, US has exempted humanitarian sector including medication but full extent sanctions are thorough enough to halt any kind of potential trade with Iran.
European Union is not pulling out from JCPOA and making arrangements for continuing trade with Iran. Turkey called it unfair and imperialistic practice and announce to continue trade with Iran. On the other side, it must be noted that companies doing business with Iran may lose markets in USA and elsewhere if their business with Iran found in any capacity, as Pompeo said.