May 21, 2019

The World Can Live Without Iranian Oil

“When President Trump ended U.S. participation in the Iran nuclear deal, he promised tough sanctions on the Iranian regime. On Monday our administration will deliver exactly that, reimposing sanctions on more than 700 people and entities in Iran’s energy, shipping and financial sectors.

The president has made clear that the U.S. supports the Iranian people’s aspirations for freedom and prosperity. He firmly opposes Tehran’s efforts to dash those aspirations—and to menace the world by developing ballistic missiles, launching cyberattacks, and funding terrorist proxies to destabilize the Middle East and beyond.

The new sanctions will deliver an unmistakable message to Tehran: Change your ways or suffer the consequences.

The Obama administration’s deal with Iran failed to curb Tehran’s egregious misconduct and ensure the safety of the American people. As the Trump administration exerts maximum pressure on the regime to reach a new deal, Iran’s energy sector is a natural target for sanctions. Iranian leaders use oil money to line their own pockets and fund destructive foreign adventurism rather than address their people’s needs.

The new sanctions will hit Iran’s energy sector hard. But thanks to anticipatory actions taken by the world’s leading producers, including the U.S., to make up the difference, there should be minimal effect on global energy markets.”

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