International companies active in Iran face the threat of US sanctions within weeks after Washington rebuffed a high-level European plea to exempt crucial industries that would help keep a nuclear deal with Tehran alive.
Mike Pompeo, US secretary of state, and Steven Mnuchin, Treasury secretary, have written a letter formally rejecting an appeal for carve-outs in finance, energy and healthcare because Washington wants to maximise financial pressure on Iran, according to diplomats with knowledge of its contents.
The request for exemptions was lodged last month by ministers from Germany, France and the UK, as well as their EU counterpart. The US rejection means the first wave of Washington’s Iran sanctions is due to take full effect early next month.