U.S. to Reimpose Sanctions Targeting Iranian Economy

from The Wall Street Journal,

Measures are the first economic action President Trump has taken against Iran since announcing withdrawal from 2015 Iran nuclear accord

The White House made good Monday on its vow to reimpose sanctions on Iran, striking a blow against Iran’s weakening economy and putting the world on notice that still-tougher sanctions are to come. The measures are the first economic action Mr. Trump has taken against Iran since announcing in May that the U.S. was withdrawing from the 2015 Iran nuclear accord. They will remain in effect unless Tehran meets the administration’s demands to stop its support for militant groups in the Middle East and ends its enrichment of uranium, U.S. officials say. “We are intent on cutting off the regime’s access to resources that they have systematically used to finance terror, fund weapons proliferation, and threaten peace and stability in the region,” a senior administration official said. “Our actions will continue to severely limit the ability of Iran, which as you know is the largest state sponsor of terror, to gain funding to continue to finance its wide range of malign behavior.” The measures, which will take effect at 12:01 a.m. Tuesday, will prohibit Iran’s access to U.S. dollars, sanction Iran’s trade in gold and precious metals, outlaw the purchase of Iran’s sovereign debt, and sanction Iran’s automotive sector. Far tougher steps will come into force on Nov. 5, when the U.S. tries to cut off Iran’s oil exports and imposes sanctions on Iran’s shipping, among other measures.

Iranians hoard Gold as a hedge against sanctions.

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