US Treasury to Reimpose Sanctions on Iranian Energy, Shipbuilding Sectors

WASHINGTON (Sputnik) - The new US sanctions will also target Tehran's ability to borrow in global financial markets and limit trade in autos and aircraft in three months, the US Treasury Department announced in a press release on Tuesday.

"After the 90-day wind down period ends on August 6, 2018, the US government will reimpose… sanctions on the purchase, subscription to, or facilitation of the issuance of Iranian sovereign debt; and vi. Sanctions on Iran’s automotive sector," the release stated.

The reimposed US sanctions on Iran will also target trade in gold and precious metals, products such as aluminum, steel coal and industrial software, the release explained.

In addition, US imports of Iranian carpets and foodstuffs will be restricted, as well as licenses to export or re-export to Iran commercial passenger aircraft, related parts and services, according to the release.

Moreover, the US will reimpose sanctions on Iran’s oil, energy and shipbuilding sector in six months, the US Treasury Department said in a press release. Following the 180-day wind-down period ending on November 4, 2018, the US government will reimpose sanctions on Iran’s energy sector, port operators, shipping and shipbuilding sectors, as well as petroleum-related transactions.

The sanctions against Iran will target the Islamic Republic of Iran Shipping Lines, South Shipping Line Iran, National Iranian Oil Company, Naftiran Intertrade Company and the Iranian Tanker Company, among others, the release said.

Earlier in the day, US President Donald Trump announced that the United States was withdrawing from the Iran nuclear agreement, also known as the Joint Comprehensive Plan of Action (JCPOA).

Trump’s decision included reinstating sanctions against Iran that were previously waived by the United States under the JCPOA.