Exploration & Production

New US sanctions on Iran will heighten trade worries

Unilateral action by the US in its latest round of sanctions against Iran risks further straining relations with international trading partners Unilateral action by the US in its latest round of sanctions against Iran risks further straining relations with international trading partners.
By Peter Stewart 8 August 2018 0 32061
Phases 6-8 of Iran’s South Pars project Phases 6-8 of Iran’s South Pars project. (Pars O&G)

New sanctions imposed on Iran by the United States, which came into force on Tuesday, will deepen the rifts between the US and its trading partners in Asia and Europe – further damaging relationships that are already under severe strain from trade friction.

Although numerous companies have indicated their intention to abide by the sanctions, which President Donald Trump has boasted will be the “most biting” ever, European governments have pledged to protect companies from their impact. Russia has also said it will protect its own...