Join Hedgeye Senior Energy Policy Analyst Joe McMonigle for a summary of Tuesday's Trump decision to withdraw from the Iran nuclear deal and what to expect next on oil sanctions on Iran.
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President Trump today signed a National Security Presidential Memorandum (NSPM) that withdraws the US from the Iran nuclear deal and reinstates all US nuclear sanctions on the Iranian regime subject to certain 90-day and 180-day wind-down periods.
Trump said the US would impose the “highest level of economic sanctions” on Iran adding that “any nation that assists Iran will also be subject to sanctions.”
Oil sanctions on Iran go into effect on November 5, 2018 after a 180-day wind-down period and include sanctions on Iranian ports and shipping sector; petroleum-related transactions and the purchase of petroleum, petroleum products or petrochemical products; transactions by foreign financial institutions with the Central Bank of Iran; underwriting services, insurance or reinsurance; and on Iran’s energy sector.
