Economics
It's Crunch Time for Trump vs. the World on Iran Sanctions
- Sweeping penalties for oil and banking dealings start Nov. 5
- U.S. confirms eight government are being given waivers
An oil sails towards Kharq Island to transport crude oil to export markets in Bandar Abbas, Iran.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
In the six months since President Donald Trump quit the Iran nuclear deal, he’s been demanding that Tehran -- and the rest of the world -- bend to his will. Come Monday morning, he’ll see how that plan is working out.
Nov. 5 is the day when sweeping U.S. sanctions on Iran’s energy and banking sectors go back into effect after Trump’s decision in May to walk away from the six-nation deal with Iran that suspended them. The deadline is the culmination of a campaign by Trump’s team to drive companies out of Iran’s markets, and early indications are they can claim at least a partial victory.