Wednesday, February 1, 2023

No respite: Trump administration targets Iran with more sanctions | Business and economic news

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Less than a week before President-elect Joe Biden was sworn in, the Trump administration imposed sanctions on companies in Iran, China and the United Arab Emirates as part of its maximum pressure campaign against Iran.

The United States on Friday sanctioned companies in Iran, China and the United Arab Emirates for doing business with the Islamic Republic of Iran shipping line group and three Iranian entities for proliferation of conventional weapons.

These are the latest in a series of moves to step up pressure on Tehran in the final days of President Donald Trump’s administration, which ends on January 20.

US Secretary of State Mike Pompeo said Washington has sanctioned seven companies, including Chinese company Jiangyin Mascot Special Steel Co and UAE company Accenture Building Materials, and two people for shipping steel to or from Iran. .

He said the Maritime Industries Organization, the Aerospace Industries Organization and the Iranian Aerospace Industries Organization had also been blacklisted for the proliferation of conventional weapons.

Iran has been the center of Trump’s attention during his four years in power as he tried to force Tehran to resume talks over its nuclear and ballistic missile programs and activities in the Middle East. In 2018, Trump abandoned an Iranian nuclear deal that Tehran struck with world powers in 2015 to curb its nuclear program in exchange for sanctions relief because it did not go far enough.

Trump said he was open to negotiating a much broader pact that would seek broader constraints on Iran’s nuclear program, as well as limits on his ballistic missile development and his sponsorship of militias in regional countries. such as Iraq, Lebanon and Syria.

Democratic President-elect Joe Biden, who will succeed Trump on Wednesday, said he would revert to the 2015 nuclear pact if Iran resumed strict adherence to it.


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