Trump prepares to impose second set of sanctions on Iran over nuclear agreement it has complied with
The Trump regime is less than three days away from its reckless, boneheaded reimposition of a second round of economic sanctions on Iran that were lifted as part of the nuclear agreement signed in 2015. Those sanctions will be directed at Iran’s energy, shipping, and banking sectors.
As in the past, the sanctions will mandate that the world stop dealing with Iran in these sectors and threaten penalties against any nation that doesn’t go along, unless they get exemptions from Washington. The White House announced Friday it would grant these exemptions temporarily to eight unnamed nations that are said to include Turkey, China, India, and Japan.
There is no doubt the return of sanctions will further hurt the battered Iranian economy. And likely raise world oil prices. When sanctions were imposed in 2011, Iran’s oil exports fell from about 2.5 million barrels per day to 1.1 million by 2014. Since April, when it became clear the U.S. was going to reimpose sanctions, oil exports have fallen from 2.8 million bpd to 1.9 million bpd.
But the notion that the sanctions will make the world a safer place is delusional. The generally moderate President Hassan Rouhani has taken to sounding like a hardliner. The sanctions have also irked America’s European allies, who believe continuing the nuclear agreement serves their interests as well as the rest of the world’s. Those nations have been discussing among themselves mechanisms for circumventing the sanctions, proof, as if more were needed, of how counterproductive this move by the White House is.