Secretary of State Mike Pompeo says the U.S. will issue no more sanctions waivers for nations choosing to import Iranian oil.
Pompeo made the remarks Monday saying the goal is to cut off the Islamic Republic’s revenue source as it continues to destabilize the region and abroad.
The top American diplomat went on to say no more waivers will be granted after the current round expires early next month.
The decision comes in an effort to apply “maximum pressure” on Iran to combat its growing aggression not only in the Middle East, but around the world.
Meanwhile, oil prices hit a 2019 high on Monday topping $74 a barrel as the global market adjusts to move.
The White House previously granted waivers to several nations allowing them to import Iranian oil in small amounts.
Maximum pressure on the Iranian regime means maximum pressure. That’s why the U.S. will not issue any exceptions to Iranian oil importers. The global oil market remains well-supplied. We’re confident it will remain stable as jurisdictions transition away from Iranian crude.
— Secretary Pompeo (@SecPompeo) April 22, 2019
The goal is to drive Iranian oil exports down to zero in an effort to keep the Islamic Republic unable to sponsor terror and instability throughout the Middle East.
The countries affected by the move include but are not limited to China, India, Turkey, South Korea, and Japan.
Reports claim the move will deplete Iran of about $50 billion in revenue each year.