President Donald Trump reinstated harsh sanctions on Iran Monday morning after a war of words erupted with Iranian President Hassan Rouhani last week. The sanctions are being put back into place as a result of the United States pulling out of the nuclear agreement struck with the regime under President Barack Obama.
"Today, the United States is taking action to reimpose nuclear-related sanctions with respect to Iran that were lifted in connection with the Joint Comprehensive Plan of Action of July 14, 2015 (the “JCPOA”). These actions include reimposing sanctions on Iran’s automotive sector and on its trade in gold and precious metals, as well as sanctions related to the Iranian rial. These measures will take effect on August 7, 2018," Trump said in a statement. "All remaining United States nuclear-related sanctions will resume effective November 5, 2018. These include sanctions targeting Iran’s energy sector, including petroleum-related transactions, as well as transactions by foreign financial institutions with the Central Bank of Iran."
In his statement, President Trump took a shot at European countries dedicated to allowing business with Iran to continue as part of the nuclear agreement.
"The United States is fully committed to enforcing all of our sanctions, and we will work closely with nations conducting business with Iran to ensure complete compliance. Individuals or entities that fail to wind down activities with Iran risk severe consequences," Trump said. "I am pleased that many international firms have already announced their intent to leave the Iranian market, and several countries have indicated that they will reduce or end imports of Iranian crude oil. We urge all nations to take such steps to make clear that the Iranian regime faces a choice: either change its threatening, destabilizing behavior and reintegrate with the global economy, or continue down a path of economic isolation."
The President also reminded the world of Iran's continued sponsorship of terrorism, destabilization and deteriorating situation for its people. He again justified leaving the nuclear agreement (JCPOA) and left the door open to negotiations for new deal in the future.
"To this day, Iran threatens the United States and our allies, undermines the international financial system, and supports terrorism and militant proxies around the world," he said. "As we continue applying maximum economic pressure on the Iranian regime, I remain open to reaching a more comprehensive deal that addresses the full range of the regime’s malign activities, including its ballistic missile program and its support for terrorism. The United States welcomes the partnership of likeminded nations in these efforts."
"The United States continues to stand with the long-suffering Iranian people, who are the rightful heirs to Iran’s rich heritage and the real victims of the regime’s policies. We look forward to the day when the people of Iran, and all people across the region, can prosper together in safety and peace," he continued.
The sanctions will go into effect at midnight, eastern time.