U.S. announces new sanctions against Iran
The Bushehr nuclear power plant in southern Iran. Iran faces new sanctions over its nuclear program.
July 31st, 2012
02:17 PM ET

U.S. announces new sanctions against Iran

President Barack Obama announced new U.S. sanctions targeting Iran's oil Tuesday, warning Tehran that it faces "growing consequences" for refusing to answer international questions about its nuclear program.

The first set of sanctions announced will target the Islamic republic's energy and petrochemical industries, a move designed to "deter Iran from establishing payment mechanisms for the purchase of Iranian oil to circumvent existing sanctions," a White House statement explains.

The statement continues, "Sanctions are also authorized for those who may seek to avoid the impact of these sanctions, including against individuals and entities that provide material support to the National Iranian Oil Company, Naftiran Intertrade Company, or the Central Bank of Iran, or for the purchase or acquisition of U.S. bank notes or precious metals by the government of Iran."

The second set of sanctions will target banks, "a significant step to hold responsible institutions that knowingly enable financial transactions for designated Iranian banks," the statement said.

The Department of Treasury specifically targeted Bank of Kunlun in China and Elaf Islamic Bank in Iraq. The two financial institutions are alleged to have facilitated transactions worth millions of dollars for Iranian banks that are under sanctions because of the country's nuclear proliferation activities, according to the statement.

"By cutting off these financial institutions from the United States, today’s action makes it clear that we will expose any financial institution, no matter where they are located, that allows the increasingly desperate Iranian regime to retain access to the international financial system," the statement says.

The U.S. will continue seeking a diplomatic solution, the statement says, but if Iran keeps defying the international community the U.S. and its partners will work to "impose increasing consequences."

"Since taking office, we have presented the Iranian government with a clear choice: Come in line with your international obligations and rejoin the community of nations, or face growing consequences," the statement says. "With these actions, we are once again reaffirming our commitment to hold the Iranian government accountable for its actions."

Western powers have long alleged that Iran is attempting to build nuclear weapons, while Iran has insisted that its program is solely for peaceful civilian energy purposes.

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Filed under: Energy • Iran • Nuclear • U.S. • World
soundoff (199 Responses)
  1. etienne

    The president is handling the Iran matter as well as can be expected. Certainly smarter than the neo conservative solution... meaning another costly war. And we all know that Romney would be their next puppet after W. No thanks. I prefer a steady hand and acting in unison with our allies.

    July 31, 2012 at 7:08 pm | Report abuse |
    • banasy©

      Diplomacy must *always* take precedence over war...when all else fails, that's when we should beat the war drums.
      I agree with your post 100%.

      July 31, 2012 at 7:52 pm | Report abuse |
  2. f Facebook

    More blah blah blah...and when they finally announce they have the bomb...more sanctions?

    July 31, 2012 at 7:34 pm | Report abuse |
  3. ronvan

    TALK, TALK, TALK: WHY, is it always the good old U.S.A.? Sanctions, YES, until EVERY other country that is saying "NO NUKES" for Iran has SIGNED and gone world wide that they will participatge in military force! And even if they do the U.S.A. is NOT the primary country providing troops!

    July 31, 2012 at 8:27 pm | Report abuse |
  4. Foodstamp Fred

    Go ahead world make my day, I wanna see what would really happen if someone finally gave America and Israel 2 middle fingers they should have gotten long time ago

    July 31, 2012 at 9:50 pm | Report abuse |
    • Hope

      😀

      amen!

      July 31, 2012 at 11:27 pm | Report abuse |
    • Mickey1313

      We, americans, need to cut isreal of from our teet, and let them handle there own. Without america isreal would not last a year.

      August 1, 2012 at 2:59 am | Report abuse |
  5. I aint giving up my guns

    If America is so free then how come we can't walk up and down the street with AK~47s like the rest of the world. AMERICA IS SO BORING THAT'S WHY I LEFT IT

    August 1, 2012 at 11:36 am | Report abuse |
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    August 1, 2012 at 12:38 pm | Report abuse |
  7. HIDE BEHIND

    @mikey1313

    Take heart mikey for there are many that do not live within a Police State; They exist in spite of the state and those who live within and for that State.
    May it ever be so.

    August 1, 2012 at 2:58 pm | Report abuse |
  8. Frank

    People of the United States of America and President Obama and the World,
    Look,let's stop all these stop gap sanctions,someone needs to come up with a total complete absolutely final world sanction list and put it in place for Iran.We keep "Nickel and Diming"these sanctions with Iran and at this rate we may see results in the year 3000.In my view the Israeli government is not going wait until our elections are over and they shouldn't.Not only does Iran deserve to be attacked on their Weapons Program.They are a major supplier of IED to Iraq and Afganistan insurgents that have killed our soilders since 2003.

    August 1, 2012 at 7:48 pm | Report abuse |
  9. cartoon

    when will America recognize that war isn't a solution for their problems. It has to reach a time that America has to find out other sources for their economic welfare and not keeping on taking others wealth by the frag of war, and why these things have to be to Arabic countries? this is because these countries are the richest in natural resources such as oil, and America is in need of it a lot.You America people think of it

    November 30, 2012 at 3:28 am | Report abuse |
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