PUBLISHED: 04:10, Wed, Oct 28, 2020 | UPDATED: 04:11, Wed, Oct 28, 2020
While the embargo brought into force on Monday may have been meant to deter a potential agreement, Mr Biden could benefit from it when it comes to the negotiations. The sanctions on Iran’s oil sector imposed by the Trump administration come as tensions between the two countries continue to mount.
The Treasury Department unveiled the sanctions on Iran’s Ministry of Petroleum, the National Iranian Oil Company and its oil-tanker subsidiary for financially backing Iran’s Islamic Revolutionary Guards Corps.
The elite military force in considered a terrorist organisation in the US.
Announcing the move in a statement, Secretary Steven Mnuchin said: “The regime in Iran uses the petroleum sector to fund the destabilising activities of the IRGC-QF.
“The Iranian regime continues to prioritise its support for terrorist entities and its nuclear program over the needs of the Iranian people.”
Trump’s sanctions on Iran could give Biden nuclear deal advantage if he wins US election (Image: Getty)
Alireza Miryousefi, a spokesman for Iran’s mission to the United Nations condemned the move.
He said: “The US’s hostility towards the Iranian people has no limit.
“The US is sanctioning Iranian entities that have already been sanctioned under another phony charge.
“However, the US’s addiction to sanctions has not paid off.”
The Trump administration's sanctions come as tensions between the two countries continue to mount (Image: Getty)