United States President Donald Trump stated all buyings of Iranian oil or petrochemical items must stop and any nation or person purchase any from the nation would be instantly subject to secondary sanctions, as per Reuters.
“They will not be allowed to do business with the United States of America in any way, shape, or form,” Donald Trump wrote on Truth Social on Thursday.
Donald Trump’s comments follow the postponement of the current United States discussions with Iran over its nuclear program, which had been due to occur in Rome on Saturday. A chief Iranian authority said Reuters a new date will be schedule “depending on the U.S. approach.”
Donald Trump’s administration has struck Tehran with a list of sanctions on entities inclusive of a China-based crude oil storage terminal and an independent refiner it has alleged of being engaged in illegal trade in oil and petrochemicals.
According to Reuters, in February Donald Trump reinstated a “maximum pressure" campaign on Tehran which includes measures to boost its oil exports to zero and help avoid Iran from building a nuclear arsenal.
Secondary sanctions are those where one nation intends to sanction a second nation for trading with a third by denying access to its own market, a particularly strong tool for the U.S. because of its economy size.
Analysts have stated that to really enforce stricter measures on Iran’s oil exports the United States would have to enforced secondary sanctions on entities like Chinese banks that facilitate the buying of Iran’s oil. Beijing is the biggest purchaser of Iranian crude. (Forelines)