A 13-year-old long-standing conventional arms embargo on Iran has expired in line with the terms of a landmark nuclear deal between Iran and world powers despite US opposition.
Imposed by the United Nations Security Council (UNSC) the ban came to an end on Sunday as part of Resolution 2231 of the Joint Comprehensive Plan of Action (JCPOA), an accord signed in 2015 that gave Iran sanctions relief in exchange for curbs on its nuclear programme.
In a statement carried by state media, the Iranian foreign ministry said “as of today, all restrictions on the transfer of arms, related activities and financial services to and from the Islamic Republic of Iran … are all automatically terminated.”
This came after the administration of President Donald Trump of the United States of America imposed fresh sanctions on Iran that will effectively shut the country out of the global financial system.
This was contained in a statement issued by the US Department of Treasury which announced it is blacklisting 18 major Iranian banks – 16 of which were targeted for “operating in Iran’s financial sector” – as well one bank controlled by a sanctioned Iranian bank and one the US Treasury says is affiliated with Iran’s military.
In the statement, the Treasury said it had, “identified the financial sector of Iran’s economy as an additional avenue that funds the Iranian government’s malign activities”.
Join the conversation
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...
INVESTIGATION….N.3bn down the drain: Why water projects for Enugu communities don’t work
In this concluding part, ARINZE CHIJIOKE talks about some of the projects that are serving the people and how various WASH programmes have failed to tackle...