Several global powers have decried President Donald Trump's administration for reinstating tough economic sanctions against Iran, while actively calling on businesses to ignore the White House over the coming months.
Despite pleas from key members of the international community, the U.S. re-imposed sanctions targeting the Iranian government's purchase of U.S. dollars on Tuesday. The measures also impact Tehran's trade in gold and other precious metals, as well as its automotive industry.
In a tweet posted earlier this week, Trump said: "These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less!"
Trump warned that unless Iran — which is the world's fifth-largest oil producer — complies with U.S. demands, Washington will look to impose far tougher measures in early November.
The second batch of potentially more damaging sanctions will target Iran's port operators, as well as its energy, shipping and shipbuilding industries. Petroleum-related transactions and dealings between foreign financial organizations and the Central Bank of Iran will also be impacted.
U.S. officials have urged allies around the world to cut all oil purchases from the OPEC member to zero by November. The State Department also warned firms that continue to do business with Tehran could risk punishment.