Trump Administration Officially Cuts Off Iranian Oil Exports

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Posted: Apr 22, 2019 9:15 AM
Trump Administration Officially Cuts Off Iranian Oil Exports

Source: AP Photo/Ebrahim Noroozi

The Trump administration announced Monday morning the United States will no longer be issuing waivers to countries purchasing oil from Iran. Countries that continue to purchase Iranian oil will be subject to U.S. sanctions.

"President Donald J. Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May. This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue," White House Press Secretary Sarah Sanders released in a statement. "The United States, Saudi Arabia, and the United Arab Emirates, three of the world’s great energy producers, along with our friends and allies, are committed to ensuring that global oil markets remain adequately supplied. We have agreed to take timely action to assure that global demand is met as all Iranian oil is removed from the market."

Secretary of State Mike Pompeo addressed the change at the State Department, emphasizing this move is part of the administration's overall pressure campaign against Iran.

This news comes on top of the Trump administration officially classifying the Iranian Revolutionary Guard as a Foreign Terrorist Organization earlier this month.

"The Trump Administration and our allies are determined to sustain and expand the maximum economic pressure campaign against Iran to end the regime’s destabilizing activity threatening the United States, our partners and allies, and security in the Middle East," the White House released in a statement. "The President’s decision to eliminate all SREs follows the designation of the Islamic Revolutionary Guard Corps as a Foreign Terrorist Organization, demonstrating the United States commitment to disrupting Iran’s terror network and changing the regime’s malign behavior. We welcome the support of our friends and allies for this effort."

Republicans on Capitol Hill are praising the move.