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- Iran has said it will start withdrawing parts of its commitments under its 2015 Iran nuclear deal.
- Iran has also said that it will resume high level uranium enrichment if the remaining signatories -Britain, France, Germany, China and Russia – did not make commitments to shield its oil and banking sectors in the next 60 days and opposed the sanctions.
- In response,US President has signed an executive order imposing sanctions on Iran’s metals industry. Metal industry is the second biggest export earner after oil for Iran.
- Further,the US has also urged Europeans not to back the Instex or special purpose vehicle devised to trade with Iran. Instex is a new payment mechanism set up by the UK, France and Germany to allow businesses to trade with Iran without being subject to sanctions.
- However,European leaders have also urged Iran not to take further escalatory steps and to stand by its commitments under 2015 Iran nuclear deal.
- Iran Nuclear deal which is known as the Joint Comprehensive Plan of Action (JCPOA) was announced in 2015.The deal was signed between Iran and the P5+1 group (US,UK, France, Russia, China and Germany). It restricts Iran’s nuclear programme in return for lifting most economic sanctions against it.
- USA had withdrawn from the deal in 2018 citing the following reasons:(a)The JCPOA failed to deal with the threat of Iran’s missile programme and (b)The deal does not include strong mechanisms for inspections and verification.
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