Mnuchin: Sanctions are effectively going in place 'immediately'

The US Treasury Secretary Steven Mnuchin spoke about Iran sanctions following the US' withdrawal from the Iranian deal earlier.

Key highlights

Sanctions will remain in place until Iran's nuclear program is dealt with.

Companies that have existing business in Iran will be given a wind-down period.

Waivers and licenses will be done on a case-by-case basis.

Trump's obligation is a new, better Iran deal.

US plans to work with allies to create comprehensive agreement.

Mnuchin believes the wind-down period is realistic, will not require more time.

Boeing and Aerojet licenses have been revoked.

Mnuchin has not had any direct contact with Iran.

Sanctions could impact all major industries in one way or another.

Mnuchin doesn't think oil will rise much.