A new batch of sanctions on Iran’s oil trade, shipping and banking came into being on Monday. The United States told foreign firms to stop doing business in the country or face penalties. Washington has exempted eight nations from the sanctions on importing oil, including Italy.
In May, US President Donald Trump announced that the United States would withdraw from the Iran nuclear agreement and re-impose sanctions against Tehran that were lifted under the accord.
The first round of US sanctions was imposed in early August. On Monday, US Treasury Department added more than 700 individuals, organizations, aircraft and ships of Iran, including 14 of the largest banks, to the sanctions list.