The Trump administration on Friday announced the reimposition of all U.S. sanctions on Iran that had been lifted under the 2015 nuclear deal - but with an exemption for eight oil-buying nations that could include China.
New tough sanctions targeting Iran's oil sector, imposed by the United States, come into force on Monday. Based on Resolution 2231, Iran is supposed to follow the nuclear agreement and Iran has been doing that and other countries of the world are supposed to engage with Iran economically. Prices have since eased, aided by the United States decision to allow waivers for India, Japan, South Korea and others.
"Starting today, Iran will have zero oil revenue to spend on any of these things". That'll take us some number of months to do that. They were in captivity for 444 days in what remains the longest hostage crisis in history.
With the sanctions clampdown, Trump is seeking to push Iran into stricter curbs on its nuclear program and a halt to its missile development activity and support for proxy forces in Yemen, Syria, Lebanon and elsewhere in the Middle East.
At the time, he began reimposing sanctions that had been suspended or removed by his predecessor Barack Obama.
The administration has insisted that the sanctions were aimed at changing Tehran's behaviour rather than regime change.
It is our aim to protect European economic operators engaged in legitimate business with Iran, in accordance with EU law and with UN Security Council resolution 2231.
Any sanctions would have had a major impact on India, given it's growing demand.
Further details of the United States' decision on Iran sanctions will be released on Monday.
However, one woman named Tahereh said that the sanctions will "definitely affect people's lives". "But Iran is still going to be able to sell oil", especially to China, she said.
To punish Iranian banks, US Treasury Secretary Steve Mnuchin said SWIFT - which enables secure bank-to-bank communications and transactions - will also face sanctions if it provides services to blacklisted Iranian financial institutions.
The latest USA measures exclude any company that trades with Iran from doing business in the United States.
"SWIFT is no different than any other entity", Mnuchin said.
Even if Iran can continue to sneak oil out of its ports, it will find it hard to get the cash into its accounts.
The students believed the U.S. would launch a counter-coup to return deposed shah Mohammad Reza Pahlavi to power - similar to the CIA-backed coup that overthrew Iran's elected government in 1953 - unaware that the king was already critically ill with cancer.
"It's basically magical thinking".
The ministerial committee official said Iraq's finance ministry had set up an account with a state-run bank in which Baghdad would deposit the amounts owed to Iran for the imports, in Iraqi dinars.
He later said the ultimate goal was to stop all Iranian crude exports.