The bill has been signed by 52 members and was received by the presiding board last week. The details of the bill, which is yet to be ratified, have been revealed today.
“Considering the unilateral US sanctions against Iran, it is necessary for the country to appropriately respond to hostile countries,” reads part of the bill’s introduction.
The bill consists of four articles. Article one notes that all countries which support US sanctions by avoiding trade of oil or other products with Iran or impose any limitation on their citizens’ transactions with Iranians will be faced with certain punitive measures.
Article two requires the Iranian administration to publish the list of all the aforementioned countries every six months.
From the day of the bill’s ratification, any import of commodities from US or other aforementioned countries will be banned, reads the third article.
According to the fourth article, these countries will be banned from exporting Iran’s oil and gas to for ten years after their last appearance on the government’s published list.
Donald Trump unilaterally pulled US out of Iran Nuclear Deal, formally known as Joint Comprehensive Plan of Action (JCPOA), in May 2018, re-imposing tough sanctions against the Iranian nation. This is while other signatories of the deal and the international community have criticized US measures and voiced support for the agreement.
In late January 2018, European signatories of the deal announced the establishment of a special trade mechanism dubbed as INSTEX (Instrument in Support of Trade Exchanges) in a bid to save JCPOA after the withdrawal of the United States. The mechanism, which is yet to prove its effectiveness, is said to initially cover trades of food, medicine and medical devices and to gradually include other areas.
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