New Iran oil trade sanctions have been exposed by the U.S.

The U.S. has restored the sanctions regime against Iran, adding 700 companies, banks and individuals to ‘the blacklist’ as well as aeroplanes and ships which were used in the transportation of the Iranian oil and double-purpose goods.

The sanctions mode, which was active since 2015 when Obama’s administration made a ‘nuclear deal’ with Tehran, was restored in full capacity. It will be enlarged to an unprecedented level, the U.S. Department of State head Mike Pompeo stated during the briefing on Monday.

The new ban for Iran oil exports is in play from now for most of the countries except eight. China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey can keep buying the black gold from Tehran.

Although, the Iranian government would not be able to use the oil exports income freely: the funds will stay in foreign banks on special accounts, and Iran will be allowed to spend them only on humanitarian goods (such as food and medicine), or for the two-sides trade of goods which did not appear in the sanctions list, Pompeo reported.

More than 20 countries have refused the Iranian oil completely, taking away 2.5 billion dollars from Tehran’s commodity revenue in the last six months, he told. Most of the countries (6 out of 8) getting concessions, have already stopped the commodity trade with Iran. The United States continue negotiations with the purpose to cut the Islamic Republic from the global oil market completely, Pompeo declared.

Besides the oil sanctions, additional limitations for the banking and transportation sectors are implemented, according to the U.S. Treasury Secretary Stephen Mnuchin’s statement. The sanctions list was increased by 300 new figurants, while companies and individuals getting the liberation in 2015, will appear in the restrictive measure again.

Steven Mnuchin
Source: Variety

There are 50 Iranian banks among them, having foreign subsidiaries including World Business Bank registered in Russia. This financial institute belongs to the National Iran Bank (Bank Melly Iran), controlled by the country's government, providing trade and financial flows in Russia.

National aviation company - Iran Air - is under the sanctions from now including its 65 planes, tankers and transport ships as well as Iran agency for nuclear energy.

The total number of companies and individuals under the restrictions exceeded 900 records. “This is the highest pressure level in history, - Mnuchin stated. - We want the Iranian government to understand clearly that they will face the growing financial isolation until they will change their destructive behaviour”.

“The Iran regime has a choice: whether reversing by 180 degrees, cancelling its illegal course, and be a normal country, or face the local economy meltdown”, - Pompeo added.

Internation payments system SWIFT made a decision to shut down several Iranian banks from providing international transactions, Reuters reported with the link to SWIFT statement.

“The suspended access of Iranian banks causes a regret, however, we imposed it in order to procure stability and save the integrity of the global financial system”, - the company’s staff underlined.

“President Trump is about to provide maximum pressure on Iran”, - a White House National Security advisor John Bolton told Fox News.

“The target is to bring the Iranian oil exports to zero level. We would not be satisfied by the level of sanctionary pressure which was in place with Obama’s administration in 2015”, - he underlined.
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