The second and final round of punitive sanctions took effect on Nov. 5, targeting Iranian sectors related to energy, shipping and ship-building, in addition to those in the insurance and transactions sector, including the Central Bank of Iran and designated Iranian financial institutions.
“America’s new sanctions are a clear insult to international and legal mechanisms, and a result of the American government’s blind vindictiveness against the Iranian nation,” declared foreign ministry spokesman Bahram Ghasemi.
Claiming President Trump’s policies violate an obscure treaty signed 63 years ago, Iran launched a lawsuit against the U.S. in the International Court of Justice (ICJ) to have the economic sanctions lifted.
Israel hailed U.S. President Donald Trump’s decision to reimpose sanctions on Iran. Prime Minister Benjamin Netanyahu commended the president for his approach and called on Europe to follow the U.S.’s lead.
Iran has conducted a snap naval drill in the Straits of Hormuz. It is significant for many reasons; including that it is a gateway for a third of the world’s oil. The threat of renewed U.S. sanctions also forms part of the backdrop to the Iranian move.
The US Treasury Department brought sanctions against six Iranian companies on Friday for launching a rocket into orbit in direct contravention to resolutions made by the UN Security Council limiting Iran’s missile program.