US Begins to Put Sanctions on the Oil Industry and Iranian Financial Sector

US Begins to Put Sanctions on the Oil Industry and Iranian Financial Sector
President Hassan Rouhani said Iran would fight US sanctions and continue to sell oil. Photo: AP

MPCore.us – America again imposed sanctions on the oil industry and the Iranian financial sector, Monday (5/11), following Trump’s pledge to withdraw easing given to Iran as part of an international agreement to limit Iran’s nuclear program.

The sanctions reinstated the ban on buying Iranian oil, which is an important area for the country’s economy.┬áTrump officials say there are eight entities given short-term exemptions to give them time to finally finally stop oil imports from Iran

The re-imposed sanctions will also target Iran’s central bank and the shipping sector and Iranian shipyards.

Iranian President Hassan Rohani said in a televised address Monday that his country would bypass US sanctions and continue selling oil.

Trump said in a statement on Friday, his aim was to force Iranian leaders to choose to abandon what he called Iran’s “destructive behavior” or “continue the path to economic disaster.”

Iran denies its nuclear program is aimed at producing nuclear weapons when it reaches a 2015 agreement with America, Britain, China, France, Russia and Germany. The UN atomic energy agency tasked with monitoring the implementation of the agreement, said in several reports that Iran was complying with the agreement.

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