Europe moves to snap back Iran sanctions

Britain, France and Germany have triggered a 30-day process to reimpose United Nations sanctions on Iran, a move that threatens to shake up tanker markets.

The so-called snapback mechanism, launched on Thursday, would reinstate wide-ranging sanctions suspended under the 2015 nuclear accord, including restrictions on oil exports, financial flows, and maritime trade.

Iran’s crude exports—already moving largely in the shadows via a sprawling ghost fleet of elderly tankers—would once again be designated as fully illicit under international law. Insurers, financiers and port authorities would face renewed pressure to sever ties with Iranian-linked tonnage.

Western officials said the measure comes in response to Tehran’s acceleration of uranium enrichment activities.

The European move follows Donald Trump’s so-called maximum pressure campaign he has waged against Iran since his return to power in the US in January with a slew of sanctions aimed at Tehran.

 

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.