The first part of us sanctions against Iran comes into force

ECONOMY

WASHINGTON, August 6. /Basereporter.com/. The U.S. government Monday to restore the first part of the sanctions against Iran in connection with the release of the American side of the Joint comprehensive plan of action (SVPD). Restrictions will be imposed on the automotive sector, trade in gold and other key metals.

Sanctions return

8 may the US President, Donald trump has announced the release of the AGREEMENT and promised not only to bring back the old, but also to impose new sanctions against Iran. He assured that Washington was ready to conclude a new agreement instead of the AGREEMENT, however, Iran has actually put forward obviously unacceptable conditions.

The American leader has repeatedly said that the Iran deal “fundamentally defective”. He also accused Tehran of supporting terrorist groups in the region. Trump believes that the preservation AGREEMENT on the Iranian nuclear program will be fraught with the beginning of the nuclear arms race in the middle East. Later the American authorities have declared that waging a campaign of maximum economic and diplomatic pressure on Iran.

As the Director of the Department of policy planning of the Department of state Brian hook, sanctions will be returned in 2 stages – 6 August and 4 November. It is assumed that the first part of the restrictive measures will cover the automotive sector of Iran and the sale of gold and other key metals, and the remaining sanctions, which will be introduced closer to the end of autumn, will affect the energy sector of Iran, transactions related to oil transactions with Iran’s Central Bank.

Then hook noted that the USA intend to reduce to zero the oil revenues of Iran energy sanctions. He also stressed that the us authorities are working to minimize the destabilization of the global market.” “We are confident that there is sufficient capacity to increase production of oil,” he added.

The Iranian response

The return of American sanctions may have a significant impact on the situation in Iran. In anticipation of the renewal of restrictive measures the country’s population EN masse buys foreign currency and gold to preserve their savings in times of economic uncertainty. This exacerbates the already difficult situation in the financial sector.

In recent days, the rate of the Iranian Rial against the dollar on the black market fell to a record 120 million rials per dollar, while at the end of may this figure was 65 thousand riyals to the dollar. These processes triggered the growth of inflation in the country and higher prices for consumer goods and fuel. In several cities of Iran began protests against the deteriorating financial situation. In some cases, the police had to use tear gas and water cannons to quell the crowd.

In the long term return of the U.S. sanctions can result in a decrease in the trade turnover of Iran with other countries, as well as making the most of major Western companies to leave the Iranian market. On the termination of cooperation with Tehran has said the French Total and the CMA CGM Group, and Adidas German Wintershall, Danish Maersk Tankers, and several others. However, because Russia, China and Europe have not agreed to a trump, this process may not be as dramatic as in the times of Barack Obama.

Iran’s President Hassan Rouhani sure that the people will stand before the American sanctions. He States that “problems in the financial sector are not linked to sanctions and US pressure”. The root cause of the economic difficulties the Iranian authorities see corruption and violations of financial laws. So, more than 30 people were arrested in Iran on suspicion of economic crimes amid a sharp collapse of the national currency.

Tehran stresses that it will not negotiate with the United States in terms of pressure on him. “Iran sees no sense in meeting with the American side. The United States should first prove that such a meeting will lead to agreement that will be respected,” – said on Thursday the foreign Minister of Iran Mohammad Javad Zarif.

The EU sanctions will block

The European Union, meanwhile, carefully prepared for the introduction of us sanctions against Iran and taken proactive steps to bring the blow of your company. The European Commission (EC) on 18 may approved the first package of measures for the protection of EU companies in Iran from U.S. sanctions, start the process of cancellation of its legal validity on the territory of the European Union.

EK on the same day began the process of introduction of the blocking rules (arch Executive of legal acts of the EU), which will be distributed to U.S. sanctions on Iran. Blocking the regulation prohibits EU companies to comply with extraterritorial U.S. sanctions, allows companies to recover in court the losses from actions of third persons involved in these sanctions, and nullifies the effect on the EU territory of any foreign court decisions on enforcement of U.S. sanctions. “The purpose of these actions is to have on hand all the necessary arrangements by the time of the introduction of the first set of US sanctions on 6 August 2018,” reads the statement by the EC.

The adoption of this regulation took place on 16 July at a meeting of the EU Council.

The second response step the EU is the simplification of procedures for granting of financing and financial guarantees to European projects in Iran from the European investment Bank. The third – strengthening of comprehensive economic partnership, particularly in the energy sector.

The EC also recommended the EU to create mechanisms for direct Bank payments to the Central Bank of Iran without foreign intermediary banks that can afford to make such payments (e.g. to pay for oil deliveries) in the case of financial sanctions of the United States. As noted by the European sources, this may be the first step to de-dollarization of trade between the EU and Iran.

40 years of sanctions

For the first time, the US imposed unilateral sanctions against Iran in 1979 shortly after the victory of the Islamic revolution. Since sanctions against the country have repeatedly corrected – part of the prohibitions were canceled, and the other tightened, they introduced new restrictions. The reasons for the imposition of sanctions was called support of terrorism, violation of human rights, the development of nuclear missile programs.

16 Jan 2016 Iran has confirmed the execution of obligations under the agreement with the “six” about the production of its nuclear activities under IAEA safeguards. On the same day Barack Obama signed a decree on the abolition of “secondary sanctions” on foreign firms and of foreign affiliates of U.S. companies. 7 Oct 2016 was allowed dollar transactions between Iran and offshore banking institutions, but provided that they do not affect the American financial system.

AGREEMENT was signed by the permanent five of the UN Security Council and Germany with Iran in 2015. This arrangement limited the nuclear program of Tehran in exchange for the lifting of sanctions of the UN Security Council and unilateral restrictive measures imposed at the time the US and the EU.

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