US targets Iran's metals for sanctions; Tehran relaxes nuclear deal compliance
WASHINGTON/LONDON - U.S. President Donald Trump on Wednesday imposed new sanctions on Iran, targeting revenue from its exports of industrial metals, the latest salvo in tensions between Washington and Tehran over a 2015 international accord curbing the Islamic Republic's nuclear program.
Iran had announced hours earlier that it was relaxing some restrictions on its nuclear program, steps that stopped short of violating the deal with world powers for now, but threatening more action if countries do not shield it from U.S. sanctions.
An executive order issued by Trump covers Iran's iron, steel, aluminum, and copper sectors, the government's largest non-petroleum-related sources of export revenue and 10 percent of its export economy, a White House statement said.
"Tehran can expect further actions unless it fundamentally alters its conduct," Trump said.
The administration says the nuclear deal, negotiated by Trump's predecessor Barack Obama, was flawed as it is not permanent, does not address Iran's ballistic missile program and does not punish it for waging proxy wars in the Middle East.
The executive order effectively bans entities from the purchase, acquisition, sale, transport, or marketing of those minerals and their products from Iran or face sanctions.
It also says any individuals and entities would be subject to U.S. sanctions if they knowingly engaged in a significant transaction for the sale, supply, or transfer to Iran of significant goods or services used in connection with those industrial metal sectors.
The U.S. Treasury said it was allowing a 90-day winding down period for transactions related to Iran's metals sectors and warned against entering into any new business after May 8, saying that would not be considered a wind-down activity.
