May 8, 2018
(Reuters) – U.S. President Donald Trump on Tuesday withdrew the United States from the Iran nuclear deal and ordered the reimposition of U.S. sanctions against Tehran that were suspended under the 2015 accord.
Some sanctions take effect after a 90-day “wind-down” period ending on Aug. 6, and the rest, most notably on the petroleum sector, after a 180-day “wind-down period” ending on Nov. 4.
Both deadlines are meant to give firms and other entities time in which to conclude trade and other business activities with or in Iran, the U.S. Treasury Department said on Tuesday.
THE 90-DAY “WIND-DOWN PERIOD” SANCTIONS
The United States will reimpose sanctions on the purchase or acquisition of U.S. dollars by the Iranian government, Iran’s trade in gold and precious metals, and on the direct and indirect sale, supply and transfer to or from Iran of graphite, raw or semi-finished metals, coal and industrial-related software.
When the 90-day period expires, sanctions also will be reapplied to the importation into the United States of carpets and foodstuffs made in Iran, and on certain related financial transactions.
THE 180-DAY ‘WIND-DOWN PERIOD’ SANCTIONS
On Nov. 4, sanctions will be reinstated on Iran’s energy sector and on the provision of insurance or underwriting services.
They also will be reapplied to petroleum-related transactions, including purchases of Iranian oil, petroleum products or petrochemical products, with the government-owned National Iranian Oil Company and other firms, and on Iran’s shipping and shipbuilding sectors.
Foreign financial institutions will face sanctions for transactions with the Central Bank of Iran or other Iranian financial institutions designated under legislation passed by Congress in 2012.
With the expiration of the 180-day period, the United States will reimpose sanctions “as appropriate” on individuals who were on U.S. blacklists on Jan. 16, 2016, the date when most sanctions on Iran were suspended under the nuclear deal.
Reporting by Jonathan Landay in Washington; Editing by Mary Milliken and Peter Cooney