The US on Monday resumed its oil and financial sanctions against Iran putting pressure on Tehran in order to reduce its missile and nuclear programs and also limit its increasing political and military power in the Middle East.
The move to revive the sanctions comes after almost 3 years, when in 2015 the sanctions were lifted off under the Obama administration. This move will add 300 new designations in Iran’s oil, shipping, and related sectors.
Back in May, President Trump had announced that his administration had unanimously decided that the sanctions must be done away with, in what he called as the “worst ever” agreement negotiated by the US. The other signatories to the deal, such as Britain, France, China and Russia have said that they will not leave.
The top importers of Iranian oil – China, India, South Korea, are among the countries which are expected to be given temporary exemptions from the sanctions to maintain the stability of the crude oil prices.