The move will restore U.S. sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and add 300 new designations in Iran’s oil, shipping, insurance and banking sectors. President Donald Trump announced in May that his administration was withdrawing from what he called the “worst ever” agreement negotiated by the United States. Washington has said it will ensure a well-supplied global oil market, with help from ally Saudi Arabia, as Iran oil is cut back. The reimposition of the sanctions comes as the United States is focused on U.S. congressional and gubernatorial elections on Tuesday. The International Monetary Fund said on Thursday that Iran should implement policies to safeguard its macroeconomic stability in the face of sanctions.

Source: Huffington Post November 05, 2018 04:52 UTC