Trump: Any firm doing business with Iran will be barred from US

President Donald Trump has finally gone ahead with sanctions on Iran ignoring pleas from its European allies. As sanctions came into force, the government of Iran turned down the last minute calls from US administration for holding talks. Iranian establishment was very upset about US withdrawal from the Iran Nuclear Deal even though Iran had not violated any of the promised clauses and had completely honoured the deal.

President Trump even ignored the requests from its staunch allies in Europe especially the states which has co-sponsored the deal. Latter included Germany, Britain, France, Russia and China.

European nations have come to the rescue of Iran and have vowed to maintain business ties with Iran and urged their firms to not to withdraw from Iran. They have also ensured Iran that they will make efforts so that Iranian exports of oil and gas are not hit. Many European companies have pulled out from Iran as they do not want to risk their businesses in US. Trump, contrarily announced that this was the first round of sanctions while the second and most severe form of sanctions will take effect from November 05.

National Security Adviser of US, John Bolton also stated that the only way for Iran to escape sanctions is to come to the negotiating table for a better worded deal. Bolton also mentioned that despite the support by European governments, many European companies have pulled out their businesses from Iran.

White House does accept the fact that Iran did not violate any clause of the 2015 Iran Nuclear Deal and has honoured all the terms but Trump administration argues that the Deal itself was flawed and has missed many vital areas of interest and security. The announcement had a spiral effect on global oil prices which went up due to volatility in Iranian economy.

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