The deal between Iran and a handful of world powers, brokered in 2015 during the Obama administration, lifted a bevy of sanctions and embargoes on Iran in exchange for the country significantly shrinking the scope of its nuclear capabilities. Iran also gave international inspectors access to its facilities as part of the deal.
The memo Trump signed on Tuesday triggers a 180-day countdown timer for Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin to re-impose all of the sanctions on Iran that were relaxed under the deal.
After passing a 90-day mark on Aug. 6, the following sanctions will snap back on Iran, according to the Treasury Department:
- Sanctions on Iran buying or acquiring U.S. dollars
- Sanctions on Iran trading gold and other precious metals
- Sanctions on Iran’s sale, supply or trade of metals such as aluminum and steel, as well as graphite, coal and certain software for “integrating industrial processes”
- Sanctions on “significant” sales or purchases of Iranian rials, or the maintenance of significant funds or accounts outside the country using Iranian rials
- Sanctions on issuing Iranian debt
- Iranian auto sanctions
The U.S. will also revoke certain permissions, granted to Iran under the deal, on Aug. 6. These include halting Iran’s ability to export its carpets and foods into the U.S., as well as ending certain licensing-related transactions.
At the end of the 180-day interval on Nov. 4, another set of sanctions will once again be clamped down on Iran:
- Sanctions on Iran’s ports, as well as the country’s shipping and shipping sectors
- Sanctions on buying petroleum and petrochemical products with a number of Iranian oil companies
- Sanctions on foreign financial institutions transacting with the Central Bank of Iran and other Iranian financial institutions
- Sanctions on the provision of certain financial messaging services to Iran’s central bank and other Iranian financial institutions
- Sanctions on the provision of underwriting services, insurance, or reinsurance
- Sanctions on Iran’s energy sector
The following day, on Nov. 5, the Trump administration will disallow U.S.-owned foreign entities from being allowed to engage in certain transactions with Iran. Sanctions on certain Iranian individuals will also be re-imposed on Nov. 5.