The Trump Administration imposed a new set of sanctions on Iran on Nov. 5. The sanctions that were removed under the 2015 nuclear deal were reinstated.
“We are making it abundantly clear to the Iranian regime that they will face mounting financial isolation until they fundamentally change their destabilizing behavior,” Treasury Secretary Steven Mnuchin said during a press conference at the State Department.
It’s part of an effort to limit Iran’s nuclear and missile work and reduce the Islamic Republic’s influence in the Middle East.
New sanctions will hit key parts of Iran’s economy—oil exports, the shipping industry, and banks.
Iran’s clerical rulers dismissed concerns about the impact on their economy.
Trump announced in May his government was withdrawing from what he called the “worst ever” agreement negotiated by the United States.
Other parties in the deal—Britain, France, Germany, China, and Russia—said they will not leave.