First Round of Iranian Sanctions to Be Reimposed Aug. 7
The White House said that sanctions on Iranian gold and other precious metals, graphite, aluminum, steel, coal and software used in industrial processes, as well as the country's automotive sector, will go into effect Aug. 7. The announcement came Aug. 6, 90 days after the U.S. withdrew from the Iran nuclear deal.
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The sanctions will also affect Iran's ability to issue sovereign debt. On Nov. 5, the U.S. will sanction foreign banks that do business with the Central Bank of Iran, and will reimpose sanctions on Iran's port operators, shipping, shipbuilding, and most importantly, oil sales. A senior administration official said in a call with reporters that the U.S. is pleased that its decision to reimpose sanctions -- when the European Union and others did not want a return to isolating Iran -- has caused rising unemployment in Iran. "The rial [currency] is tanking ... and there are widespread protests over social issues and labor unrest," he said.