White House: New Sanctions Against Iran to Be Imposed by Next Week

Sarah Sanders, the White House spokesperson, stated on Wednesday, May 8, that in order to prevent Iran from obtaining nuclear weapons, the U.S. government is preparing to impose new sanctions by next week in addition to reinstating all suspended sanctions. President Donald Trump announced the day before that Washington would withdraw from the nuclear agreement with Iran known as the 'JCPOA' and impose new penalties against Tehran. According to Reuters, Sanders said in her press conference: 'We are 100 percent committed to ensuring that Iran does not have nuclear weapons.' The White House spokesperson added: 'We will continue to apply maximum pressure and impose extensive sanctions against them. All sanctions that were in place before the agreement (JCPOA) will be reinstated, and we are preparing to impose new sanctions by next week.' While the White House spokesperson has indicated the possibility of new sanctions against Iran by next week, the European Union announced on Wednesday that it would not reinstate its sanctions as long as Iran adheres to the agreement. The EU referred to the JCPOA, which was unanimously endorsed by UN Security Council members in Resolution 2231, as a key component in the architecture of the global nuclear non-proliferation regime, which is vital for regional security. However, countries that have economic relations with Iran, especially oil buyers, are concerned about the consequences of the return of U.S. sanctions against the Islamic Republic. According to Reuters, South Korea announced on Wednesday that it is seeking an exemption from U.S. sanctions against Iran, a path that other oil-buying countries may likely follow. The U.S. State Department states that the new U.S. sanctions will target Iran's oil and shipping sectors, but countries engaged in trade with Iran have six months to end their cooperation with Tehran while receiving their payments. Reuters reports that Iran is currently the third-largest oil producer among OPEC member countries. During the nuclear sanctions, Iran's oil exports fell to below one million barrels per day. However, with the lifting of these sanctions in 2015 under the nuclear agreement, Iran was able to increase its production again, producing about 3.8 million barrels of oil per day last year and exporting more than two million barrels per day.