Fresh Sanctions on Iran, This Time on Metals

Trump appears to be on a roll. Even as Iran is coming to terms with the full sanctions restricting its oil exports, Trump has announced new sanctions, this time on industrial metals.

Trump had previously withdrawn from a 2015 deal between Iran and other major nations to impose curbs on its nuclear program in exchange for easing of sanctions. Iran too announced yesterday that it had no intentions to continue honoring this accord.

A few days ago, Trump had announced the end of sanction waivers that allowed Iran to continue selling limited quantities of crude oil to eight countries, starting from May 1. According to Trump, the export of industrial metals contributes to 10 percent of Iran’s export economy. Trump and the US government plan to isolate Iran diplomatically and put more economic pressure to squeeze the nation.

The US was also planning to deploy a carrier strike group and bombers in the Middle East to increase its pressure on Iran. Trump’s main bone of contention is that the 2015 accord fails to address Iran’s ballistic missile program and ignores the nation’s proxy wars in the region.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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