New US Sanctions to be Imposed on Iran this Week

ERBIL - The next phase of US sanctions on Iran, which will target Tehran's oil, banking, and shipment sectors, are expected to be put in force on the upcoming Monday at midnight.

Senior US officials explained on Friday that the sanctions will also affect any countries that do not abide by them.

However, Washington has provided temporary waivers—"Significant Reduction Exemptions" (SREs) to be issued for renewable six-month periods, Kurdistan 24 reported, clarifying that the SREs are for those states that rely on Iranian oil imports, and that have made substantial efforts to reduce such purchases.

Iraq and the Kurdistan Region will also receive a waiver, according to which, the two can continue on importing food, gas and other energy supplies from Iran. However they should pay the Islamic Republic in Iraqi dinars rather than US dollars, while the money should be kept in an escrow account, monitored by the US, for humanitarian purchases, the report said.

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