They should never have been there to begin with…
BUSINESSES GIVEN THREE TO SIX MONTHS TO ‘GET OUT’ OF IRAN
Trump chose a “hard exit” from the agreement on Tuesday, returning all U.S. sanctions that had been lifted by the nuclear deal at roughly the same time.
WASHINGTON – The harshest sanctions towards a regime ever passed by Congress have snapped back into place on Iran and on foreign businesses, after President Donald Trump withdrew the U.S. from the 2015 deal governing the Islamic Republic’s nuclear program.
Trump chose a “hard exit” from the agreement on Tuesday, returning all U.S. sanctions that had been lifted by the nuclear deal at roughly the same time. That will affect billions of dollars in existing contracts between private corporations and Iran, and untold future investments in a country whose currency is already spiraling out of control.
All new contracts will be immediately subject to these sanctions, mostly passed into law in 2012 during an earlier peak in the Iran nuclear crisis. These bills targeted foreign businesses outside the jurisdiction of the U.S. – including some of the biggest companies of America’s closest allies in Europe – by threatening to cut them off from the U.S. financial and banking systems if they invest in Iran.
For existing contracts, companies will have a “wind-down” period of three to six months. All U.S. sanctions lifted under the nuclear deal must go back into effect “in no case later than 180 days,” according to guidance provided to businesses by the Treasury Department. Following November 4, the U.S. Office of Foreign Assets Control “expects that all the U.S. nuclear-related sanctions that had been lifted under the JCPOA [Iran nuclear deal] will be reimposed and in full effect.”
The first wave of these sanctions, which will hit 90 days from Tuesday, will target Iran’s automotive sector, its trade in precious metals, aluminum, steel, coal and carpets, its sale of Iranian rial currency and its maintenance of offshore accounts, its access to the U.S. dollar and those seeking to purchase Iranian sovereign debt.