Britain, France and Germany have triggered a 30-day process to reimpose United Nations sanctions on Iran, a move that threatens to shake up tanker markets.
The so-called snapback mechanism, launched on Thursday, would reinstate wide-ranging sanctions suspended under the 2015 nuclear accord, including restrictions on oil exports, financial flows, and maritime trade.
Iran’s crude exports—already moving largely in the shadows via a sprawling ghost fleet of elderly tankers—would once again be designated as fully illicit under international law. Insurers, financiers and port authorities would face renewed pressure to sever ties with Iranian-linked tonnage.
Western officials said the measure comes in response to Tehran’s acceleration of uranium enrichment activities.
The European move follows Donald Trump’s so-called maximum pressure campaign he has waged against Iran since his return to power in the US in January with a slew of sanctions aimed at Tehran.