U.S. to crack down on Iran oil exports

WASHINGTON—The Trump administration announced Monday that the United States will sanction all countries that import Iranian oil starting in May. “This decision is intended to bring Iran’s oil exports to zero, denying the regime its principal source of revenue,” White House press secretary Sarah Sanders said in the announcement.

In November, the United States reimposed sanctions on Iranian oil exports after President Donald Trump pulled out of the 2015 Iran nuclear accord. But the Trump administration granted 180-day waivers to Iran’s main buyers: China, Greece, Italy, India, Japan, South Korea, Taiwan, and Turkey. The waivers included the condition that the countries gradually reduce their dependency on Iranian oil. Italy, Greece, and Taiwan halted imports in 2019. Other countries, including China and India, lobbied for extended waivers.

In May 2018, Secretary of State Mike Pompeo outlined 12 requirements that Iran must meet for the United States to lift sanctions, including allowing inspectors to access its military facilities, withdrawing its paramilitary forces from Syria, ending its support for terror groups like Hezbollah and Hamas, and ceasing its threats to destroy Israel.

Earlier this month, the White House designated the Iranian Revolutionary Guard as a foreign terrorist organization. The Trump administration also placed sanctions on an additional 1,000 Iranian individuals and entities.

Some U.S. allies celebrated the news. Israeli Prime Minister Benjamin Netanyahu called it the “right way to stop Iranian aggression.” Geng Shuang, a spokesman for the Chinese Foreign Ministry, condemned the move Monday, saying that the “China-Iran cooperation is open, transparent and, in accordance with law, it should be respected.”

The United States said it would encourage its allies to increase oil production to avoid skyrocketing prices in global oil markets. Saudi Arabia, a rival oil exporter and a U.S. ally, said it will work to compensate for the loss of crude oil supply.