President Hassan Rouhani has vowed to “break” the sanctions re-imposed by the US government targeting core parts of Iran’s economy.
The Trump administration has been restoring all sanctions that were listed under the 2015 nuclear deal in an effort to pressurize Iran.
These sanctions will affect oil exports, shipping, and banks, and make it difficult for the US to do business with the oil-rich nation.
However, Rouhani struck a defiant tone, stating that Iran would continue to sell oil. He insisted on breaking these sanctions at a meeting of economic officials.
European countries which are still a part of the accord designed to decrease Iran’s nuclear activities say they will help businesses bypass the sanctions. US President Donald Trump withdrew the US from the nuclear accord in an agreement he called the “worst deal ever negotiated.” The accord had offered Iran sanctions relief in exchange for reducing its nuclear development. The IAEA, an organization which keeps an eye out for global nuclear activities, says that Iran has complied with the agreement.
President Trump’s intentions are to get Iran back to the negotiating table. His administration also stated that it wants to stop Tehran’s activities including cyber attacks, ballistic missile tests and support for terror groups.
More than 700 Iranian individuals, vessels and aircraft are now on the sanctions list. These include major banks, oil exporters as well as shipping companies.
The Trump administration, however, has granted exceptions to eight countries to continue importing Iranian oil. These countries are reported to include US allies Italy, India, Japan, and South Korea.