US sanctions on Iran come into force

The United States is reimposing punitive measures targeting the Iranian oil and financial sectors in what US Secretary of State Mike Pompeo called "the toughest sanctions ever placed" against Iran.

They will directly affect companies from third-party countries doing business with Tehran. The move is expected to upset world oil markets, though the US has granted temporary waivers to eight jurisdictions to continue importing Iranian oil.

More than 700 individuals and entities are now on the sanctions list, including major banks, oil exporters and shipping companies. In addition, the Brussels-based Swift network for making international payments is expected to cut off links with targeted Iranian institutions, isolating Iran from the international financial system.

Iranian President Hassan Rouhani vowed to sell oil and break the sanctions which he said go against international norms.

Source: VOV5