Pompeo warns of ‘severe, swift punishment’ & ‘painful business’ with Iran as sanctions reinstated

Monday, November 5, 2018
By Paul Martin

5 Nov, 2018

The US has reimposed sanctions on Iran, targeting the Islamic Republic’s energy, banking and shipping sectors. State Secretary Mike Pompeo warned of “swift punishment” for other countries doing business with Iran.

Monday’s sanctions are a reintroduction of penalties lifted under the 2015 Joint Comprehensive Plan of Action (JCPOA). The multilateral deal promised Iran sanctions relief in exchange for a pause on its nuclear weapons program. President Trump withdrew from the deal in May, and has since reimposed economic sanctions in several rounds.

The sanctions target 50 Iranian banks, 200 individuals, and vessels in Iran’s shipping and energy sectors, as well as one airline and 65 of its aircraft. Furthermore, Pompeo promised to mete out “swift punishment” to countries who defy the US’ anti-Iran sanctions.

“I promise you,”Pompeo said, “that doing business with Iran in defiance of our sanctions will ultimately be a much more painful business decision than pulling out of Iran.”

Pompeo boasted of the effects of sanctions on Iran’s oil revenue, which he said is down by over $2.5 billion since the first sanctions were reintroduced in May.

While 20 countries have already halted the importation on Iranian oil, the US will grant an exemption to eight countries, including China, Italy, Greece and South Korea and will allow these nations to continue to buy Iranian oil.

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