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Iran braces for oil sanctions after currency crash, protests

Iran braces for US sanctions on its vital oil industry next week, already facing economic crisis, protests

Reported by: AP [ Published on: November 02, 2018 11:45 IST ]
Image Source : AP Iran braces for oil sanctions after currency crash, protests

TEHRAN, Iran (AP) — Iran is bracing for the restoration of U.S. sanctions on its vital oil industry as it grapples with an economic crisis that has sparked sporadic protests over rising prices, corruption and unemployment.

The sanctions, which take effect on Monday, will target the country's largest source of revenue in the most punishing action since the Trump administration withdrew from the 2015 nuclear agreement in May, and will also affect Iranian shipping and financial transactions.

The U.S. has already restored sanctions targeting financial transactions involving U.S. dollars, Iran's automotive sector and the purchase of commercial airplanes and metals, including gold.

The White House insists the sanctions are not aimed at toppling the Islamic Republic, but at forcing Iran to dramatically alter its policies in the region, including its support for militant groups.

Disclaimer: This is unedited, unformatted feed from the Associated Press (AP) wire.

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