US sets 90-day period for winding down Iran sanctions

The US Treasury Department has announced a three-month period for gradual slowing down in the new round of sanctions against Iran's economy announced last Friday.

Iran Press/America: The period allows diminishing of transactions in the construction, mining, manufacturing and textiles sectors and officials of Iran’s economy that the US is going to target without exposure to sanctions by April 9, the Treasury Department website announced in an update in FAQs of Iran sanctions on Thursday.

The new sanctions were imposed after Iran took revenge on the assassination of its top counter-terrorism commander Lt. General Ghasem Soleimani by targeting US bases in Iraq with missiles on January 8.

In 2018, US President Donald Trump withdrew unilaterally from the 2015 nuclear deal with Iran and re-imposed sanctions on Tehran.

Iran lashed out at US sanctions labeling them as economic terrorism against its civilians and retaliated by scaling back its obligations under the deal in 2019.

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