28 Mar 2024
Tuesday 7 August 2018 - 15:46
Story Code : 314935

Iran tested as Trump tightens sanctions screws

Bloomberg | : Irans President Hassan Rouhani responded tothe returnof sweeping U.S. sanctions with a statement of defiance and a call for unity. But with his promise to reconnect a youthful, striving nation to the world through the 2015 nuclear deal crumbling, the consequences could be stark.

Renewed U.S. curbs following the Trump administrations withdrawal from the accord took effect today, targeting Irans access to dollars, its gold trade and transportation sectors. Come November, restrictions will extend to Irans oil exports - the backbone of its economy.

For President Donald Trump, who boasted this morning that the sanctions were the most bitingever imposed, its a continuation of the tough-talkingforeign policyapproach he's been eager to tout at home, particularly ahead of the November midterms.

The main casualty in the Islamic Republic has been its currency, the rial, which has been battered as Iranians snapped up black market dollars ahead of the restoration of the penalties.Yet if European signatories fail to salvage the nuclear deal and the economic damage spreads, it could fuel further anti-government protests and escalate Irans confrontation with Persian Gulf foes who back Trumps offensive against Tehran.

 


[caption id="" align="alignnone" width="800"] Irans central bank has scrapped most currency controls introduced this year in a bid to halt a plunge in the rial that has stirred protests against Rouhanis government.Photographer: Ali Mohammadi/Bloomberg[/caption]


 
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