Iranians blame own government for USA sanctions, price hikes

07 August, 2018, 15:34 | Author: Mable Gonzales
  • Hassan Rouhani and Donald Trump

Trump's withdrawal from a landmark 2015 nuclear agreement in May had already spooked investors and triggered a run on the Iranian rial long before nuclear-related sanctions went back into force.

The newly reimposed sanctions target transactions with USA dollar banknotes; trade in gold and precious metals; direct or indirect sales of graphite and metals such as steel and aluminum; certain transactions related to the Iranian rial; certain transactions related to issuing Iranian sovereign debt; and Iran's automotive sector.

A first phase of US sanctions against Iran went into effect midnight, targeting Iran's access to USA banknotes and key industries including cars and carpets.

Iran is accusing the USA of reneging on the nuclear agreement, signed by the Obama administration, and of causing recent Iranian economic unrest. The U.S. move has dismayed America's European allies trying to preserve the nuclear deal.

US Secretary of State Mike Pompeo said sanctions are an important pillar in US policy toward Iran and will remain in place until the Iranian government radically changes course.

The Islamic Republic's economy, hobbled by years of sanctions, has suffered in recent months with the uncertainty over the atomic accord. Another added, "The Iranian people are seeking the same thing".

The US sees the sanctions "as a tool to pressure Iran to come back to the negotiating table to rehash the nuclear deal on terms more to Trump's liking".

European Union officials, however, were quoted on Monday as saying that a number of other countries had asked them for details on the blocking regulations as they also explore ways to bypass sanctions.

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The sanctions, which take effect at midnight on Monday in Washington, bar transactions with Iran in USA currency, gold, precious metals, graphite, coal and semi-finished metals, as well as large sales of Iranian rials, issuing Iranian debt and vehicle sanctions.

"This is an important moment for Israel, the USA, the region and the entire world", Netanyahu said.

Iranian President Hassan Rouhani, in a speech broadcast on state television, said the United States can not be trusted because it withdrew from the global pact, whose other signatories still support it.

Daimler (DDAIF) said in a statement that Iran's automotive markets have been significantly weaker than expected, and it had not yet resumed production or sale of Mercedes cars or trucks in the country.

"The Iran sanctions have officially been cast". Israeli Prime Minister Benjamin Netanyahu hailed the renewed sanctions as "an important moment for Israel, for the United States, for the region, for the whole world".

The European Commission said it will grant exceptions if the company can prove that it is leaving Iran for reasons not linked to the United States threat.

He blasted the agreement yet again yesterday, calling it a "horrible, one-sided deal (that) failed to achieve the fundamental objective of blocking all paths to an Iranian nuclear bomb".

"Prices have been increasing for three or four months and everything we need has become so expensive, even before sanctions returned", said Yasaman, a 31-year-old photographer in Tehran.

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