Trump administration announces all countries importing Iranian oil will be subject to US sanctions

In a statement, the White House said President Donald Trump "has decided not to reissue" waivers regarding sanctions against countries importing Iranian oil when the waivers expire "in early May."

"This decision is intended to bring Iran's oil exports to zero, denying the regime its principal source of revenue," the statement from White House press secretary Sarah Sanders read.

The announcement comes nearly one year after Trump announced the US was withdrawing from the Iran nuclear deal.

This story is breaking and will be updated.

CNN's Betsy Klein contributed to this report.

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