US President Trump: US intends to restore nearly all UN sanctions on Iran

Anil Panchal FXStreet

During his daily press conference, US President Donald Trump showed readiness to announce punitive measures on Iran.

Key quotes

US intends to restore nearly all UN sanctions on Iran.

Reuters relies on the United Nations (UN) official to convey that the US Secretary of State Mike Pompeo will likely travel to New York on Thursday to seek a return of all UN sanctions on Iran and meet with UN Secretary-General Antonio Guterres.

The news also said, "To trigger a return of the sanctions, the United States will submit a complaint to the 15-member U.N. Security Council about Iran's non-compliance with the nuclear deal, even though Washington quit the accord in 2018. Pompeo will likely meet with Indonesia's U.N. Ambassador Dian Triansyah Djani, the Security Council president for August, to submit the complaint, diplomats said. Pompeo is also due to meet with Guterres, a U.N. official said."

It should also be noted that the Reuters' update highlight, "Once Washington submits its complaint about Iran to the Security Council, the body has 30 days to adopt a resolution to extend sanctions relief for Tehran or else the measures will automatically snapback. Any attempt to extend the sanctions relief would be vetoed by the United States."

Market reaction

With the news add geopolitical risk to already gloomy market conditions, the risk barometer AUD/JPY remains on the back foot near 76.20 by the press time of early Thursday morning in Asia. The update should have helped oil prices but couldn’t combat the latest US dollar strength as WTI struggles to regain $43.00.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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