Iraq PM to visit Iran, Turkey as U.S. sanctions bite

Iraq PM to visit Iran, Turkey as U.S. sanctions bite

Iran and Iraq - enemies in a brutal eight-year war that ended in 1988 - have developed close ties since Iraqi leader Saddam Hussein was toppled in 2003 by a USA -led invasion.

Europe has attempted to counteract the effects of the sanctions by launching an updated version of its "Blocking Statue", a measure meant to protect European Union companies doing business in Iran from being hit by punitive USA measures.

He added, "America is turning up the pressure and we want the United Kingdom by our side".

"We are asking global Britain to use its considerable diplomatic power and influence and join us as we lead a concerted global effort towards a genuinely comprehensive agreement".

Meanwhile, sanctions on Iran are related to the Joint Comprehensive Plan of Action (JCPOA), a nuclear deal signed between Tehran and World powers which the USA pulled out of in May.

The sanctions are meant to hinder Tehran's acquisition of USA currency; its precious metals trade; bank transactions denominated in the Iranian rial; activities related to Iran's sovereign debt; and the country's automotive sector.

On Sunday, Johnson seemingly disregarded the move, urging British businesses directly to cut ties with Iran.

Erdogan says crash of lira 'political plot' against Turkey
ENERGY: Benchmark U.S. crude gained 89 cents to $68.09 per barrel in electronic trading on the New York Mercantile Exchange. All of this has unnerved the worldwide investors who had helped fuel Turkey's economy and are now pulling their money out.

Iran will soon receive a second batch of enriched uranium up to 20 percent that Russian Federation kept under a nuclear agreement signed between the Persian nation and six world powers.

Trump slapped the first round of sanctions on the Islamic Regime last week that targets Iran's purchasing of United States dollars, trading in precious metals and its automotive sector.

President Trump withdrew in May from the nuclear accord brokered by former President Obama with the EU, Britain, France, Germany, China and Russian Federation.

"We made it clear that we regard the nuclear deal as an important part of the region's security".

On Monday, Trump ordered all nuclear-related sanctions that were removed under the deal to be reinstated immediately.

Johnson said the Tehran regime had used the flow of money coming in to the country since the easing of sanctions not to improve the lives of ordinary Iranians but to beef up spending on the military and networks of proxy forces and terrorists.

Abadi on August 7 said he did not agree with the renewed US sanctions but added that he would abide by them to protect his country's interests and risk retaliatory actions by Washington.

Related Articles