The White House on Monday announced its intent to end sanction waivers to countries still importing revenue-generating oil from Iran.
The White House on Monday announced it’s intent to end sanction waivers to countries still importing oil from Iran.
“We will no longer grant any exemptions, going to zero across the board,” Secretary of State Mike Pompeo said. “We will continue to enforce sanctions and monitor compliance.”
The waivers to the U.S. sanctions for Iranian oil imports end May 2, a year after the U.S. ended its participation in the 2015 Iranian nuclear deal. At first countries were given six months to cut off oil ties with Iran, but were granted an additional six months by the U.S.
Asian countries, such as China, South Korea, India, Taiwan and Japan, as well as Europe’s Greece and Turkey, have remained significant importers of Iranian crude.
The White House said this latest move to enforce sanctions “aims to bring Iran’s oil exports to zero, denying the regime its principal source of revenue,” without disrupting world oil markets.
Pompeo said the U.S. is working with oil-producing countries, such as Saudi Arabia and the United Arab Emirates, as well as American oil companies, to ensure overseas oil markets are sufficiently supplied.
As a result of the Trump administration’s sanctions, Iran’s currency already has lost more than two-thirds of its value. More than 100 companies have ceased doing business in the Persian Gulf country, according to the White House.
“The United States is sending a clear message to the Iranian regime that its destabilizing activities and global terrorist campaign has serious consequences,” the White House said.