Washington, August 7 (TNS): U.S. imposed the first round of pre-nuclear deal sanctions on Iran on Tuesday, which will primarily target country’s banking sector.
Economic penalties, which will be rigorously enforced, officially went into effect on Tuesday morning.
Tehran’s acquisition of U.S. dollars will be targeted in these sanctions, precious metals trade, transactions related to Iran’s rial, activities related to Iran’s sovereign debt, and the country’s automotive sector.
Iran’s Minister of Labor and Social Affairs Ali Rabiei has said that around 1 million Iranians may lose their jobs due to the sanctions.
The actions follow President Donald Trump’s decision May 8 to withdraw the U.S. from the 2015 Joint Comprehensive Plan of Action (JCPOA) that world powers, including the U.S, struck with Iran. The agreement placed unprecedented curbs on Iran’s nuclear program, subjecting it to a rigorous inspection regime in exchange for billions of dollars in relief from international sanctions.
A second wave of sanctions is set to take effect Nov. 5, targeting Iran’s port operators, petroleum-related transactions, and Iran’s shipping sector.