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Trump Imposes 'most Biting Sanctions' On Iran; Warns Trading Partners

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US President Donald Trump has restored sanctions on Iran that he announced in May while withdrawing from the 2015 multi-nation nuclear deal with the Islamic nation.

In connection with the withdrawal from the Joint Comprehensive Plan of Action (JCPOA), the Trump Administration laid out two wind-down periods of 90 days and 180 days for US business activities in or involving Iran.

On August 7, when the 90-day wind-down period expired, the first set of sanctions came into force.

Trump signed an executive order targeting the purchase or acquisition of US bank notes by the Iranian Government; Iran's trade in gold and other precious metals; Graphite, aluminum, steel, coal, and software used in industrial processes; Transactions related to the Iranian rial; Activities relating to Iran's issuance of sovereign debt; and Iran's automotive sector. Transactions related to the purchase of commercial passenger aircraft will be prohibited.

In an early morning tweet Tuesday, Trump described them as "the most biting sanctions ever imposed", and indicated that "in November they ratchet up to yet another level". He also gave a warning to the international community by saying that "Anyone doing business with Iran will NOT be doing business with the United States". According to the President, he is "asking for WORLD PEACE, nothing less."

A second phase of "snapback" sanctions is scheduled to come back into effect on November 5. They will have implications on Iran's oil exports and energy sector, financial institutions conducting transactions with the Central Bank of Iran, Iran's port operators and shipping and ship-building sectors, and the provision of insurance and financial messaging services.

The White House said the US Government will also relist hundreds of individuals, entities, vessels, and aircraft that were previously included on sanctions lists.

Trump withdrew from the JCPOA claiming that it was defective at its core and failed to guarantee the safety of the American people.

He accused the Iranian regime of exploiting the global financial system to fund its malign activities, and of using this funding to support terrorism, promote ruthless regimes, destabilize the region, and abuse the human rights of its own people.

But Iran's President refutes these allegations. Hassan Rouhani said that Washington's call for new nuclear negotiations at the same time as it reimposes crippling sanctions "doesn't make sense" and is an attempt of "psychological warfare" aimed to "sow division among Iranians".

"If you're an enemy and you stab the other person with a knife and then you say you want negotiations, then the first thing you have to do is remove the knife," he said in an interview on state television.

The European Union is against the US sanctions on Iran.

On the eve of the scheduled enforcement of sanctions against Iran, the European Commission announced that its updated Blocking Statute enters into force Tuesday to mitigate the impact of US sanctions on the interests of EU companies doing legitimate business in Iran.

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