US President Donald Trump on Wednesday issued an executive order to sanction Iran’s steel, aluminium, copper and iron sectors. Trump also threatened further action unless Tehran “fundamentally” changed its behaviour.
The order follows an announcement made by Iran it was quitting parts of the 2015 nuclear agreement with world powers, which Washington abandoned in 2018. The crucial metals sector is the Iran’s largest non-hydrocarbon-related source of export revenue, accounting for 10 percent of its export economy.
In a statement, Trump said, “Because of our action, the Iranian regime is struggling to fund its campaign of violent terror as its economy heads into an unprecedented depression, government revenue dries up and inflation spirals out of control. We are successfully imposing the most powerful maximum pressure campaign ever witnessed, which today’s action will further strengthen.”
Meanwhile, after a meeting with US Secretary of State Mike Pompeo in London, UK Foreign Secretary Jeremy Hunt said the nuclear deal was “a very important achievement of Western diplomacy”. Hunt said, “Iran does not have nuclear weapons and its neighbours have not responded by getting nuclear weapons. It would be a massive step back for the region if it became nuclearised. If Iran keeps to its commitments, we will keep to ours.”
Pompeo said, “We have to see what Iran actually do. We have made a decision different to the UK but I am confident as we watch Iran’s activity that we and our partners will continue to work together.”