Trump Boasts About "Most Biting" Sanctions On Iran

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"But we definitely want to put maximum pressure on the government, and it's not just to come back to discuss fixing a deal that's basically not fixable, dealing with the nuclear weapons aspect", Bolton said Tuesday on Fox News.

The Trump administration moved to restore some USA sanctions on Iran and reaffirmed plans to impose tougher penalties on the country's oil sales in November, as President Hassan Rouhani comes under increasing economic and political pressure to address the crisis. These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. "I am asking for WORLD PEACE, nothing less!"

The German Economy Ministry said Berlin would continue to offer export and investment guarantees for firms doing business with Iran.

European Union diplomatic chief Federica Mogherini said the bloc, as well as Britain, France and Germany, deeply regretted the move by Washington.

Mr. Erdan was speaking after European Union foreign policy chief Federica Mogherini said the bloc is actively encouraging enterprises to increase their business with Iran.

Meanwhile Renault's COO, Thierry Bollore, commented: 'We are looking to new business opportunities, particularly in Africa, with strong growth to offset the missed opportunities in Iran'.

His statement comes as USA sanctions on the country are set to take effect Tuesday.

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Trump's withdrawal from the agreement in May has infuriated European partners who were determined to keep it alive and now find their businesses operating in Iran faced with the threat of U.S. legal penalties.

A European Commission spokeswoman on Monday (6 August) told reporters in Brussels that EU firms are banned from following U.S. demands to cut business ties with Iran, unless specifically authorised to do so.

The "Trump Administration wants the world to believe it's concerned about the Iranian people", Iranian Foreign Minister Mohammad Javad Zarif said in a statement posted to Twitter. "Negotiations with sanctions doesn't make sense". "Consistent with President Trump's decision, the administration will be reimposing specified sanctions after August 6, the final day of the 90-day wind-down period", the White House said.

Those sanctions target financial transactions that involve USA dollars, Iran's automotive sector, the purchase of commercial planes and metals, including gold.

Analysts believe the EU's statute will be hard to enforce and many worldwide companies - facing the alternative of stiff USA penalties and the potential loss of access to United States markets - are withdrawing investment from Iran.

Mr. Erdan, who also heads the Strategic Affairs Ministry, praised the USA for reimposing punitive sanctions on Iran that brought back into effect the harsh penalties lifted under the Iran nuclear deal.

It is three months since Mr Trump pulled the United States out of the worldwide accord limiting Iran's nuclear activities.

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

The Blocking Statute was introduced in 1996 in response to USA extra-territorial sanctions against companies operating in Cuba, Iran and Libya.

The impact of the return of sanctions has ramped up tensions inside Iran, which has seen days of protests and strikes in multiple towns and cities over water shortages, high prices, and wider anger at the political system. "The EU, along with China, Russia, France, Germany and the United Kingdom, was also a signatory to the deal and has not withdrawn".

Iran's official exchange rate remains 42,000 rials to $1.

Daimler was joined by major companies including Boeing (BA), Airbus (EADSF), Total (TOT) and Siemens (SIEGY), all of which sought to capitalize on pent up demand in Iran for consumer products and improvements to infrastructure and equipment.

Mr Trump has called the deal "one-sided", "disastrous" and the "worst I've ever seen".

The measure is part of a broader European Commission response, known as the "blocking statute", that also allows the firms to recover damages arising from USA extra-territorial sanctions.

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Majidyar noted the threat of sanctions had already forced major global companies and banks to scale down their activities in Iran.