Iran: Efforts to Preserve Economic Benefits of the Nuclear Deal [November 8, 2018] [open pdf - 400KB]
"On May 8, 2018, President Trump announced that the United States would cease implementing U.S. commitments under the 2015 multilateral Joint Comprehensive Plan of Action (JCPOA) with Iran. On November 5, 2018, at the end of a 'wind down period,' all pre-JCPOA U.S. sanctions on foreign firms that conduct transactions in all of Iran's core economic sectors, including energy, banking, shipping, and manufacturing, went back into effect. These include sanctions on 'petroleum-related transactions' and transactions by foreign banks with Iran's Central Bank. In addition, 700 Iranian and third country entities have again been designated by the United States as sanctioned entities, meaning that foreign firms that transact business with these entities could face virtual exclusion from the U.S. economy. The non-U.S. parties to the JCPOA--the United Kingdom, France, Germany, Russia, China, the European Union (EU) and Iran--opposed the U.S. move and have sought to preserve the accord. The outcome of their efforts may depend on the degree to which Iran perceives that it continues to receive economic benefits of the agreement. To date, Iran has continued to comply with the JCPOA, while pressing the EU and other parties to the JCPOA to provide assurances of continued economic engagement with Iran."
CRS In Focus, IF10916
Congressional Research Service: https://crsreports.congress.gov/