Trump’s U-turn on Iran sanctions would unravel decades of curbs

The Trump administration’s effort to unwind decades of sanctions as part of a deal to end the war with Iran has created a head-spinning situation for governments, banks and other companies as they contemplate a shifting patchwork of new permissions and old restrictions.

Following the revolution in 1979, Iran became one of the most sanctioned nations on Earth over its nuclear program and support for regional militias. But the White House is now orchestrating a stunning reversal as part of a broader deal to open the Strait of Hormuz, lower global energy prices and end its unpopular war.

It’s hardly been a linear process. On Friday, President Donald Trump accused Iran of violating a fragile ceasefire and US Central Command launched fresh strikes on Iranian targets. There’s also continuing disagreements that could unravel the deal. 

Still, the pace and scale of the effort has stunned longtime sanction...