On April 22, 2019, United States Secretary of State Mike Pompeo announced that the US would cease granting exemptions to countries that import oil from Iran as part of its effort to unravel the Joint Comprehensive Plan of Action (JCPOA) from which it withdrew last year: “[W]e will no longer grant any exemptions. We’re going to zero – going to zero across the board. We will continue to enforce sanctions and monitor compliance. Any nation or entity interacting with Iran should do its diligence and err on the side of caution. The risks are simply not going to be worth the benefits.” Many prominent US allies and trade partners, such as India, Japan, South Korea, and member states of the European Union, continued their trade with Iran in the last year under the waiver program, as have rising powers China and Russia. In response to this action, Iran announced that it would restart part of its nuclear program. The US has since deployed an aircraft carrier to the Persian Gulf. While the two sides escalate tension, the Rising Powers are airing their frustrations with being caught in the middle. Read the full Policy Alert here.
