BICOM

US President Trump signed an executive order imposing new sanctions on Iran’s iron, steel, aluminium and copper industries.

Trump said in a written statement: “Today’s action targets Iran’s revenue from the export of industrial metals – 10 per cent of its export economy – and puts other nations on notice that allowing Iranian steel and other metals into your ports will no longer be tolerated. Tehran can expect further actions unless it fundamentally alters its conduct. We are successfully imposing the most powerful maximum pressure campaign ever witnessed, which today’s action will further strengthen. I look forward to someday meeting with the leaders of Iran in order to work out an agreement and, very importantly, taking steps to give Iran the future it deserves.”

On Wednesday morning, Iran’s President Hassan Rouhani spoke about Iran’s decision to begin restarting elements of its nuclear programme. In a televised address, Rouhani said: “We felt that the nuclear deal needs a surgery, and the painkiller pills of the last year have been ineffective. This surgery is for saving the deal, not destroying it.”

The first step, according to Rouhani, will be to end the sale of excess uranium and heavy water, a move that will increase Iran’s stocks of both above levels stipulated in the deal. If no new deal is in place within 60 days, Iran will increase its enrichment of uranium beyond the 3.67 per cent permitted in the accord, which can fuel a commercial nuclear power plant. Rouhani did not identify the level to which Iran would be willing to enrich, although the head of Iran’s nuclear program said that it could reach 20 per cent enrichment within four days.

World leaders issued words of warning about the announcement. France’s Defence Minister, Florence Parly, said there would be consequences if the deal was not adhered to, as did the UK’s Foreign Secretary Jeremy Hunt. Israeli Prime Minister Benjamin Netanyahu said: “We will not allow Iran to obtain nuclear weapons. We will continue to fight those who seek to take our lives.” Russian Foreign Minister Sergei Lavrov urged all of the remaining parties in the nuclear deal to fulfill their obligations.