Companies and banks in Morocco have been warned against trading with Iran following the US’ imposition of sanctions on the Islamic Republic, knowledgeable sources have said.
According to a document issued by Moroccan Foreign Ministry and published by the Moroccan newspaper, Lacom, the ministry warned the Moroccan Banking Association (GPBM) of the outcomes of dealing with Iranian assets and investments.
US President Donald Trump has threatened America’s trading partners of repercussions if they do not halt trade with Iran.
![U.S. President Donald Trump speaks during a joint press conference with Russia's President Vladimir Putin (not seen) after their bilateral meeting in Helsinki, Finland on 16 July, 2018 [Stringer/Anadolu Agency]](https://i0.wp.com/www.middleeastmonitor.com/wp-content/uploads/2018/07/20180716_2_31490405_35714900.jpg?resize=465%2C333&ssl=1)
US President Donald Trump speaks during a joint press conference with Russia’s President Vladimir Putin (not seen) after their bilateral meeting in Helsinki, Finland on 16 July, 2018 [Stringer/Anadolu Agency]
Why there will not be a US-Iran summit
The move comes after Trump unilaterally withdrew from the nuclear deal signed between world powers and Iran in 2015 which saw sanctions removed from Tehran in return for the curbs on its nuclear programme.
The sanctions touch upon Iran’s trade in gold and precious metals and exchange or acquisition of US dollars, in addition to banning Iranian currency transactions.
Other penalties have been imposed on automotive, vehicle and aircraft purchases, but exports of medicines, medical devices and foodstuffs are exempt.