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The list targets more than 700 entities, including individuals, banks, aircraft and vessels

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Tuesday, 06 November, 2018, 10:30
The list targets more than 700 entities, including individuals, banks, aircraft and vessels

The Trump administration on Monday renewed sanctions against hundreds of entities throughout Iran's energy sector and its broader economy, promising to exert more pressure on the Islamic Republic.

The return of sanctions, first implemented during the Obama administration, fulfills President Donald Trump's vow six months ago to ratchet up pressure on Iran, despite widespread international criticism. The Trump administration says it will lift the sanctions only after Iran's leadership in Tehran accepts its list of 12 demands.

"The Iranian regime has a choice. It can either do a 180-degree turn from its outlaw course of action and act like a normal country or it can see its economy crumble," Secretary of State Mike Pompeo said at a press conference.

Iranian President Hassan Rouhani on Monday said Tehran will evade the sanctions and keep pushing its oil barrels into the market, reiterating the nation's long-standing defiance.

A new round of punishing sanctions on Iran's energy, banking and shipping sectors went into force overnight. The list targets more than 700 entities, including individuals, banks, aircraft and vessels.

Trump announced in May The United States was withdrawing from a 2015 accord with Iran, which lifted wide-ranging sanctions on the Iranian economy. In return, Tehran agreed to accept limits on its nuclear technology program and allow inspections of its nuclear installations.