US’s first round of sanctions on Iran goes into effect

The first round of the U.S. pre-nuclear deal sanctions on Iran, largely targeting the country’s banking sector, went into effect on Tuesday.

The economic penalties, which will be rigorously enforced, officially went into effect at one minute after midnight Washington time Tuesday morning.

The sanctions target Tehran's acquisition of U.S. dollars, precious metals trade, transactions related to Iran's rial, activities related to Iran's sovereign debt, and the country's automotive sector.

1 million Iranians may lose jobs

Iran's Minister of Labor and Social Affairs Ali Rabiei has said that around 1 million Iranians may lose their jobs due to the sanctions.

The actions follow President Donald Trump's decision May 8 to withdraw the U.S. from the 2015 Joint Comprehensive Plan of Action (JCPOA) that world powers, including the U.S, struck with Iran. The agreement placed unprecedented curbs on Iran's nuclear program, subjecting it to a rigorous inspection regime in exchange for billions of dollars in relief from international sanctions.

A second wave of sanctions is set to take effect Nov. 5, targeting Iran's port operators, petroleum-related transactions, and Iran's shipping sector and central bank.