The Trump administration has reimposed all sanctions previously put on hold under the Obama-era Iran Nuclear Deal.
On Monday, Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin announced penalties on Iran’s energy banking and shipping sectors.
“Since the Trump administration came into office we’ve done 19 round of sanctions, targeting 168 Iranian entities,” stated Pompeo. “Today’s (Monday) sanctions will accelerate the rapid decline of international economic activity in Iran since the implementation of our strategy in May — since that time, since back May, over 100 companies have withdrawn from Iran or canceled plans to do business there.”
Mnuchin said 700 individuals, entities, aircraft and vessels were targeted in the largest single day action against the Islamic Republic.
The secretary of state announced China, Italy, Greece, India, South Korea, Taiwan, Turkey and Japan will be initially exempt.
The officials said the U.S. will continue this maximum pressure campaign on Iran until it stops its malign behavior in the Middle East, which includes being the world’s number one state sponsor of terrorism.
“It should be noted that if a company evades our sanctions routine and secretly continues sanctionable commerce in the Islamic Republic, the United States will levy severe, swift penalties on it, including potential sanctions,” warned Pompeo.
He added, Iran will never come close to a nuclear weapon on President Trump’s watch.