Iran sanctions: Trump warns trading partners

Prepare for $90 oil after sanctions against Iran take effect – analyst

Mr Trump signed an executive order reintroducing financial sanctions on Iran and sent a letter to the leaders of Congress notifying them of changes, as required by USA law.

But a second tranche to return to effect on November 5 covering Iran's vital oil sector, could be far more damaging - even if several key customers such as China, India and Turkey have refused to significantly cut their purchases.

European companies will be protected from the impact of new sanctions imposed by the USA on Iran, Britain has said.

The German carmaker had announced plans in 2016 to return to Iran after economic sanctions were lifted under an worldwide agreement that sought to limit the country's nuclear program.

U.S. President Donald Trump speaks to reporters after signing a proclamation declaring his intention to withdraw from the JCPOA Iran nuclear agreement in the Diplomatic Room at the White House in Washington, U.S. May 8, 2018.

The European Union's diplomatic chief Federica Mogherini said the bloc deeply regrets the U.S. move.

The EU has taken the unprecedented step in a bid to salvage the nuclear deal struck with Iran in 2015. "I am asking for WORLD PEACE, nothing less", he added.

Daimler (DDAIF) said in a statement that Iran's automotive markets have been significantly weaker than expected, and it had not yet resumed production or sale of Mercedes cars or trucks in the country.

"It is a commercial decision for companies whether they continue to work in Iran", Burt said.

"I want to make this very clear because we're talking about trade and economic relations with Iran because - this is an integral part of the nuclear deal".

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"We are always in favor of diplomacy and talks..."

Mr. Erdan was speaking after European Union foreign policy chief Federica Mogherini said the bloc is actively encouraging enterprises to increase their business with Iran.

"Anyone doing business with Iran will NOT be doing business with the United States", Trump vowed on Twitter.

"If the ayatollahs want to get out from under the squeeze, they should come and sit down. But talks need honesty". But most Iranians have yet to see major economic improvement, and the prospect that Washington would re-impose sanctions helped drive a collapse in the value of Iran's currency this year, raising the cost of imports.

Foreign Office minister Alistair Burt has moved to reassure businesses they will not face legal action in connection with deals with Iranian firms.

The new USA sanctions will likely slash oil supply.

The blocking statute applies to anyone, foreign or otherwise, who is a resident in the European Union and also does business in Iran.

Prime Minister Benjamin Netanyahu said the sanctions symbolize "the determination to block Iran's regional aggression as well as its continuous plans to arm itself with nuclear weapons".

He added, "To this day, Iran threatens the United States and our allies, undermines the global financial system, and supports terrorism and militant proxies around the world".

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