The first reinstatement of financial sanctions against the Islamic Republic of Iran starts today. The first level will ban the exchange of Iranian Rials for US dollars and target Iran’s trade in some metals and automotive parts. The restrictions are being re-imposed since The United States withdrew from the nuke deal with Iran earlier this year.
The European Union in contrast likes the deal and is trying to do all it can to keep doing business with Iran. Today the EU issued a “blocking statute” that prevents EU firms from complying and blocks US courts from filing law suits to force compliance EU companies to comply with the renewed sanctions. More
In preparation for the reimplementation of sanctions, Iran has lifted its ban on currency exchange business, allowing citizens to again trade in foreign currency and gold. More