More US-Led Sanctions On Iran
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The, once landmark Iran Nuclear Deal is now pretty much in tatters and the country, already in a near economic meltdown, will suffer further with the addition of far-reaching sanctions on industrial metals. Around 10% of Iran’s exports comprise iron, steel, aluminium and copper, and when this is added to the Oil embargo its GDP is likely to plumb depths last seen in 2012 when the sanctions were at their high.
A deal on Iran’s nuclear ambitions was agreed back in 2015, however, in 2018 the US pulled out of it as Iran was apparently not adhering to the terms, although the reason may be more related to Donald Trump wanting to renegotiate the deal and broaden it to curb Iran’s ballistic missile programme. It is also likely that the US wants Iran to scale back its involvement in the various conflicts in the Middle East.
Anyway, the result is that Iran now won’t be adhering with the terms of the Joint Comprehensive Plan of Action (JCPOA), under which Iran is required to sell its surplus enriched uranium – which can be used in the manufacture of nuclear weapons to other selected countries, rather than keep it.
This decision has not met with universal approval and China, in particular, is strongly opposed to the sanctions, while Russia has urged the other parties to maintain their obligations to Iran while further talks are arranged. The main European countries are indicating that they would prefer the deal to be maintained leaving only the US as obstructors on a deal which seemed to be working.
Overall it looks a lot like US muscle-flexing in the Middle East, which is fine for them but not so good for the people of Iran who are already suffering massively, the region as a whole or for those countries closest who are now just a little less secure.
