BICOM

The US will reimpose the first round of extensive sanctions on Iran at midnight tonight. The sanctions will target Iran’s automotive sector and trade in gold and other metals.

The sanctions are being imposed as a result of US President Donald Trump’s decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA) nuclear agreement in May. Sanctions on Iran’s oil industry and central banks will take effect in November.

The US has also banned the import of Iranian products and revoked licenses that allowed Iran to purchase European and US aircrafts.

It has been reported that Iran purchased five new European commercial aircraft on Sunday, before the licence was revoked but a much larger purchase order has been cancelled.

Iranian Foreign Minister Mohammad Javad Zarif has urged countries to continue doing business with Iran even after the resumption of US sanctions. However, companies doing business with Iran risk  secondary US sanctions and penalties. The Iranian regime announced emergency measures yesterday to prevent a currency collapse and the Central Bank announced new currency measures and a list of supplies that will attract favourable exchange rates for hard currency.

US Secretary of State Mike Pompeo said: “The United States is going to enforce these sanctions… It’s an important part of our efforts to push back against Iranian malign activity.”

He urged Iran to, “behave like a normal country.”

Pompeo also touched on recent protests that had swept Iran, stating: “The Iranian people are not happy — not with the Americans but with their own leadership. we want the Iranian people to have a strong voice in who their leadership will be.”

Demonstrations and protests have continued in Iran. A man was killed during a protest in the city of Karaj, west of Tehran. During demonstrations in the capital, the chant “Death to the dictator” was heard and there have also been small rallies in Shiraz, Isfahan and the holy city of Qom.