- By Kalendra Withana
US President Donald Trump has signed an executive order which allows for sanctions against Iran to go back into effect.
The sanctions target numerous sectors of Iran’s economic climate. Such sanctions affect the nation’s trade in gold and other valuable metals, as well pose restrictions on the country’s access to US banknotes.
A second phase of action is also planned to come into effect on 5 November. These future sanctions are furthermore set to target Iran’s energy and shipping sectors.
In addressing the US’ move, Iran’s President Hassan Rouhani has coined the sanctions as “psychological warfare” which aimed to “sow division among Iranians”.
Mr Rouhani furthermore added that the US government had “turned their back on diplomacy” following the action.
"Negotiations with sanctions doesn't make sense. We are always in favour of diplomacy and talks... but talks need honesty,"
The nation of Iran is already under a status of political and economic unrest. These past few days have seen residents protesting in various parts of the country over water shortages and high prices.
The decision by Mr Trump to impose these sanctions stems from his withdrawal from the 2015 Iran nuclear deal earlier this year, which he coined as “disastrous” and “one-sided”.
The US President believes that the imposition of these sanctions will intensify the already existing economic pressures on Iran, thereby urging the nation to agree to a new deal.
"I remain open to reaching a more comprehensive deal that addresses the full range of the regime's malign activities, including its ballistic missile programme and its support for terrorism," Mr Trump said.