Donald Trump warns countries against doing business with Iran

Donald Trump

Donald Trump

A second wave of sanctions that will more directly target Iran's petroleum industry is set to go into effect in 90 days.

Now, the sanctions ban most transactions with Iran's central bank; its network of ports and insurance companies; the purchase of Iranian sovereign debt; and trade in gold, graphite, aluminum and other precious metals. Heavier U.S. sanctions, aimed at Iran's oil sector, are due in November.

In a statement on Monday, he said the U.S.is "fully committed" to enforcing the sanctions, adding that individuals and entities that fail to wind down activities with Iran "risk severe consequences".

Trump had promised on the campaign trail to tear up what he called the "worst deal ever negotiated", which eased sanctions on Iran in exchange for limits on Tehran's nuclear ambitions.

The European Union's diplomatic chief, Federica Mogherini, said the union, as well as Britain, France and Germany, deeply regretted the USA move.

Trump decided this year to pull out of the agreement, ignoring pleas from the other world powers that had co-sponsored the deal, including Washington's main European allies Britain, France and Germany, as well as Russian Federation and China.

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

The renewed sanctions will squeeze Iran economically, nearly immediately. Rouhani, who has denounced Trump's decision to quit the accord, is expected to address his nation later on Monday.

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.

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Renewed U.S. hostility has already sparked a run on Iran's currency, which has lost around half its value since Mr. Trump's announcement.

European enterprises can either comply with United States sanctions and face consequences in Europe for violating the "blocking statute" or keep doing business in Iran and face USA sanctions.

Other countries have also asked European Union officials for details on the blocking regulations, as they explore ways to bypass sanctions.

"If you're an enemy and you stab the other person with a knife and then you say you want negotiations, then the first thing you have to do is remove the knife".

"We want to put unprecedented pressure on the government of Iran to change its behavior, and so far they've shown no indication they're prepared to do that". "But talks need honesty".

There have been rumours that Trump and Rouhani could meet in NY in September on the sidelines of the UN General Assembly - though Rouhani reportedly rejected U.S. overtures for a meeting at last year's event.

The commission says this is created to protect European Union firms in Iran by allowing them to recover any United States damages, including legal costs.

Many large European firms are leaving Iran for fear of U.S. penalties, and Mr Trump warned of "severe consequences" against firms and individuals that continued to do business with Iran.

Iran's currency has lost around half its value since Trump announced the United States would withdraw from the nuclear pact.

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