According to Bloomberg, US President Donald Trump provided an executive order banning the purchase of Iranian iron, steel, aluminum and copper, worsening the tensions with the Islamic Republic a day after he declared he may begin enriching uranium again in two months.
Trump noted that he proceeded to this order since he wishes to prevent Tehran from developing a nuclear weapon or intercontinental ballistic missiles.
Specifically, the Executive Order authorizes blocking sanctions on any person determined by the Secretary of the Treasury, in consultation with the Secretary of State:
- To be operating in the iron, steel, aluminum, or copper sectors of Iran, or to be a person that owns, controls, or operates an entity that is part of the iron, steel, aluminum, or copper sector in Iran;
- To have knowingly engaged, on or after the date of this order, in a significant transaction for the sale, supply, or transfer to Iran of significant goods or services used in connection with the iron, steel, aluminum, or copper sectors of Iran;
- To have knowingly engaged, on or after the date of this order, in a significant transaction for the purchase, acquisition, sale, transport, or marketing of iron, iron products, aluminum, aluminum products, steel, steel products, copper, or copper products from Iran;
- To have materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of any person whose property and interests in property are blocked pursuant to this section; or
- To be owned or controlled by, or to have acted or purported to act for or on behalf of, directly or indirectly, any person whose property and interests in property are blocked pursuant to this section.
In light of Trump’s decision, Iran commented that it would abandon limits on uranium enrichment that it agreed to under the 2015 nuclear accord negotiated with Barack Obama, in 60 days unless European signatories find a way for the country to engage in trade despite US sanctions.
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The US revoked waivers that enabled eight countries, including India and China to import Iranian oil despite American sanctions.
The Trump administration aspires to drive Iranian oil exports to zero to force Tehran to abandon support for militant groups in the Mideast and renegotiate the 2015 accord.
According to Bloomberg Intelligence analyst Andrew Cosgrove, Iran has exported approximately 138,000 tonnes of copper in 2018.
Iran is placed 18th in the global scale of steel exporters, as it shipped approximately 9.24 tonnes in 2018.
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