300 New Individuals and Entities Added to US Sanctions List Against Iran

The US government announced on Friday, November 2, the reinstatement of all suspended sanctions against Iran under the nuclear agreement known as the JCPOA. Steve Mnuchin, the US Treasury Secretary, stated that over 700 individuals and entities, including 300 new cases, will be added to the US sanctions list as part of this reinstatement. These sanctions, which will take effect on Monday, November 5, target Iran's transportation, financial, and energy sectors. US Secretary of State Mike Pompeo indicated that the goal of these sanctions is to fundamentally change the behavior of the Islamic Republic of Iran. He stated that if Iran wants these sanctions lifted, it must comply with 12 conditions, which include stopping support for terrorism, ending military intervention in Syria, and completely halting Iran's nuclear and missile programs. Pompeo emphasized that even without the reinstatement of all sanctions, the US's maximum pressure campaign has been effective, reducing Iran's oil exports by more than one million barrels. However, he acknowledged that eight of America's allies will receive temporary exemptions from the oil sanctions. Pompeo stated that the price of oil that Iran can sell will be based on Brent crude prices from May 2018, when Donald Trump withdrew from the JCPOA, and that the US will not accept Iran receiving more money to achieve better results from maximum pressure. He mentioned that eight countries have received exemptions from the sanctions, with two of them expected to bring their oil imports from Iran to zero, as it will take them a few weeks to do so. The other six countries have accepted numerous guarantees, which is why exemptions have been granted to them. Pompeo added that these countries have significantly reduced their imports, but the exact amount of reduction will be announced on Monday. He reiterated that Iran's oil revenue will reach zero, and any oil sold will only be deposited in banks with the condition that it is for humanitarian purposes and not for entities or individuals under sanctions. The Secretary of State clarified that the sanctions target the Iranian regime, not the Iranian people, and that is why the US has considered exemptions for humanitarian needs such as medicine and food. Mnuchin warned that SWIFT must cut its financial ties with all names and entities under sanctions, or it too could face sanctions. He also stated that in the context of the reinstatement of sanctions, over 700 individuals or entities, including several banks, airlines, and shipping companies, will be sanctioned. The Treasury Secretary warned that individuals and countries violating these sanctions will face US repercussions. He specified that banks can use SWIFT for humanitarian issues, provided they do not work with sanctioned individuals and entities and must ensure complete compliance with this condition. Tehran and the P5+1 group, which includes the US, Russia, China, France, and the UK along with Germany, reached a comprehensive agreement in July 2015 after two years of negotiations to resolve Tehran's nuclear program, which not only halted some of Iran's nuclear activities but also suspended many nuclear sanctions against Tehran. Donald Trump, who was elected after the signing of the JCPOA, had harshly criticized the agreement during his election campaign and withdrew from it in May of this year after months of criticizing Iran for violating the spirit of the nuclear agreement. Trump's administration and its supporters argue that the Islamic Republic of Iran is not adhering to the 'spirit of the JCPOA' due to its missile tests and regional activities, including in Syria and Yemen. After withdrawing from the JCPOA, Trump ordered the reinstatement of those US sanctions against Iran that had been suspended under the nuclear agreement in two 90-day and 180-day periods. Some of these sanctions, which limited Iran's automotive industry, the trade of precious metals, and the Iranian government's access to dollars, were implemented in mid-August this year, and additional sanctions primarily targeting the oil and energy sectors will be reinstated on November 5. US officials have stated their goal is to reduce Iran's oil exports to zero, but for some cases, they have currently granted exemptions for certain allies to import oil from Iran. One of the consequences of the first round of the new US sanctions has been the collapse of Iran's national currency, which has reached an exchange rate of 13,000 to 19,000 tomans per dollar. This has led many Iranian industries to face bankruptcy, and people are even struggling to find baby diapers. Recently, it has been reported that restaurants in Tehran have lost '30 to 70 percent' of their customers. Ali Akbar Velayati, an advisor to the Iranian leader and a member of the Expediency Discernment Council, recently told the Iranian people: 'Let us learn from the Yemenis how to resist against threats and sanctions. Instead of wearing a loincloth, they carry weapons and have a few pieces of dry bread in their hands, and the Saudis are helpless against them.' On May 9, Trump expressed hope that the strongest, most severe, and most precise sanctions would be imposed against Iran, and he hoped that the United States would reach a new and 'fair' agreement with Iran. Prior to that, Trump had also stated that he was ready to meet with Iranian officials without preconditions. In response to these statements, Ali Khamenei, the leader of the Islamic Republic, declared negotiations with the US 'forbidden,' mentioning that 'I made a mistake regarding the JCPOA negotiations.'