Trump administration announces new Iran crackdown targeting oil revenue

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The Trump administration on Monday targeted Iran’s energy sector by announcing the U.S. would no longer exempt any countries from sanctions for importing Iranian oil.

“This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue,” the White House said in a statement.

The decision means sanctions waivers for five nations, including China and India and U.S. treaty allies Japan, South Korea and Turkey, won’t be renewed when they expire on May 2.

Secretary of State Mike Pompeo, in formally announcing the move, described it as part of the “pressure campaign” to choke off funding to the regime and incentivize Iran to act like a “normal country.”

“It’s the regime’s number one source of cash,” Pompeo said of oil revenue. “We will no longer grant any exemption [to sanctions for importing Iranian oil] … We’re going to zero across the board.”

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