Published: Tue, August 07, 2018
Markets | By Erika Turner

Iran says USA ‘isolated’ as it braces for return of sanctions

Iran says USA ‘isolated’ as it braces for return of sanctions

Why did Mr Trump abandon the nuclear deal?

They added that sweeping sanctions will be imposed on the country's industries, including exports of its famed Persian carpets.

Increased US hostility has also driven a run on Iran's currency, which has lost around two-thirds of its value in six months.

USA officials said on August 2 that the United States believed Iran had started carrying out naval exercises in the Gulf, apparently moving up the timing of annual drills amid heightened tensions with Washington.

"We are always in favour of diplomacy and talks. But talks need honesty", Rouhani said. Rouhani called on Iranians to unite in the face of hardship.

An EU "blocking statute" will take effect on Tuesday to nullify U.S. legal action against European firms in connection with Iran.

Trump pulled the United States out of the deal in May, saying Iran was not living up to the spirit of the accord and vowed to reimpose sanctions.

The sanctions are expected to take the form of a secondary boycott that would apply to companies and countries trading with Iran.

All remaining United States nuclear-related sanctions will resume effective November 5, 2018.

European foreign affairs chiefs have pledged to protect firms against the impact of U.S. sanctions for doing business with Iran.

The European countries said they have updated a European Union "blocking statute" to protest their companies dealing with Iran from the impact of US sanctions.

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"Reimposition of nuclear-related sanctions through today's actions further intensifies pressure on Tehran to change its conduct", Trump said.

President Donald Trump is aiming to cut off the Iranian leadership's access to resources, senior USA administration officials said on Monday.

The ban on the exchange offices, introduced in March, had left the offices idle overnight: gone were the daily long lines of Iranians waiting to buy or sell dollars.

Iran will ease foreign exchange rules, state TV reported on Sunday, in a bid to halt a collapse of the rial currency, which has lost half its value since April due to fears about the return of US sanctions.

"Although the Europeans are trying to solve the Iran nuclear deal and continue to do business with Iran, ultimately banks and companies do not listen to the government, they make their own decisions", he said.

Fear of sanctions and economic hardship have led to sporadic protests in several cities in recent days, with ordinary Iranians chanting slogans against Iranian leaders.

The Trump administration will also relist hundreds of individuals, entities, vessels, and aircraft that were previously included on sanctions lists, the White House said.

"That's the behavioral change that we're looking for from the Iranian regime", Secretary of State Mike Pompeo told Metro TV in Jakarta.

The European Union issued a "blocking statute" Monday to protect European businesses from the sanctions. United Nations inspectors said Iran was complying with the deal, but Trump argued that it didn't do enough.

USA sanctions had been eased by the Obama administration under the terms of the landmark 2015 Iran nuclear deal.

The foreign currency from the export of Iranian goods could be funneled to the local market, the CBI chief said, adding that the free market itself will determine the value of currency.

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