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. doppler

    LOLl – Anyone that thinks sanctions are going to stop Iran's pursuit of nuclear weapons is a true fool.

    July 31, 2012 at 2:25 pm | Report abuse |
    • bb

      I think Oblunder qualifies for that

      July 31, 2012 at 2:35 pm | Report abuse |
    • NODEMS

      ... ONLY OBOZO AND HIS ADMINS. BELIEVE SO. HE IS DESPERATED FOR JEWS VOTES NOW BECAUSE OF MITT TRIP TO ISRAEL WITH A STRONG SUPPORT TO TAKE DOWN IRAN NUCLEAR PROGRAM AND PLO TERRITORY FOULS.

      July 31, 2012 at 2:42 pm | Report abuse |
    • Bob

      Well it is Odumbo who you are talking about.

      July 31, 2012 at 2:44 pm | Report abuse |
    • J

      Maybe you are the fool for guessing incorrectly what other people think? I suppose you would suggest taking no action and letting Iran do whatever they want regardless if it threatens other nations.

      July 31, 2012 at 2:46 pm | Report abuse |
    • bam

      yeah and UNIONS are all going to vote for Mittens cuz he went to POLAND and praised their countries rise from Communism via Wallessa UNION and their romneycare setup.

      July 31, 2012 at 2:50 pm | Report abuse |
    • Blah blah the wheel's off your trailer

      Perhaps you have a son or daughter, brother or sister willing to join Mitt Robmoney's five sons in an invasion of Iran?

      July 31, 2012 at 2:55 pm | Report abuse |
    • timmaahhyy

      but sanctions do work. we brought cuba to its knees quickly and they have been a capitalist republic since the 60s. oh wait no that didnt happen did it.

      July 31, 2012 at 4:01 pm | Report abuse |
  2. It's Me

    Wouldn't it be easier to just "send" them a nuke to show WHY they sholdn't have them?

    July 31, 2012 at 2:30 pm | Report abuse |
    • ToolTime

      Sure, if you want Russia involved

      July 31, 2012 at 2:33 pm | Report abuse |
  3. SgtSerge

    In other news ..... oh..... thats all we had?

    July 31, 2012 at 2:30 pm | Report abuse |
  4. zlulz

    LOL Obama thinks he's going to sanction China banks? I wonder if he knows where all those loans come from to fund his trillion dollar yearly deficits.

    July 31, 2012 at 2:31 pm | Report abuse |
    • Blah blah the wheel's off your trailer

      No, it was W. who borrowed money from China! get your facts straight!

      July 31, 2012 at 2:57 pm | Report abuse |
  5. Bill

    Those who don't want Obama re elected, pray that he does not go to war with Iran.

    July 31, 2012 at 2:31 pm | Report abuse |
    • zlulz

      I want him out of office and I pray he goes to war with Iran because it will lock him in as worst president ever.

      July 31, 2012 at 2:36 pm | Report abuse |
    • Vega

      I think there is a far better chance of going to war with Iran if Romney is president. Not Obama.

      July 31, 2012 at 2:49 pm | Report abuse |
  6. RickinCambridge

    Romney is a genius. He doesn't need to be elected president. All he needs to do is announce something like "being tough on Iran" in Jerusalem and the puppet messiah will react to show his toughness; thereby taking the desired action. Now Romney needs to firgure out messages to send to correct the big O's other screwed up ideas; dream act/Obycare/etc.

    July 31, 2012 at 2:31 pm | Report abuse |
    • bam

      u started to show some intelligence with the first sentence then it changed to cluelessness...
      How do u think up something like that and NOT point out Mittens created ROMENYCARE which got upheld by the Justices.
      ah yes u want romneycare repealed and replaced with romneycare.

      July 31, 2012 at 2:53 pm | Report abuse |
    • Blah blah the wheel's off your trailer

      Dumb right wing confederate. And I guess GWB authorized Operation Geronamo to get OBL! Or perhaps it was Robmoney! Moron!

      July 31, 2012 at 3:00 pm | Report abuse |
  7. Tango1ner

    I'm sure they know it won't stop them from getting nuke, but they will try anything to slow that process.

    July 31, 2012 at 2:32 pm | Report abuse |
  8. Lars

    One sure way to divert oil revenues to some other supplier is to make it difficult and expensive for Iran to move its product. I wonder who benefits from this, not the consumer.

    July 31, 2012 at 2:33 pm | Report abuse |
  9. bb

    Hi Im anything for a vote Oblunder, I spent almost 4 yrs waisting your money, I just gave Israel 90 more million. No need to thank me i plan to spend more. By now you know how inept and foolish ive been. Just like this sanction is only 2 yrs late, ITS NOT MY FAULT !!!! I needed to be on Oprah , leno and other suck ups tv shows. I really meant to work on the economy and stuff but Geeez I really thought Holder would do that for me. Its not my 1/2 billion dollar fault solodyne didnt work, its not my fault gitmo isnt closed but i do take credit for all the business ive built for you making the private sector fine again. pls text me with money so i may continue to rip you off regulary and be able to afford my bribes. Give Rob B(in prison my regards) I hope everyone has enjoyed my total ineptness not to mention my weak spine.

    July 31, 2012 at 2:33 pm | Report abuse |
    • NODEMS

      .... EVEN ON THE FIRST DAY IN OVAL, I DID SIGN THE EXCUTIVE ORDER TO CLOSE THE GITMO AND BRING THE ANIMALS TO THE U.S. FOR JUSTICE BUT MY GENERAL AND FRIENDS DO NOT LIKE IT SO I DROP IT THERE. I DID NOT MEAN TO TAKE YOUR LIFE AWAY LAST YEAR EITHER. I SENT THE DOCTOR TO WARN YOU OUT BUT YOU DID NOT TAKE IT, SO I HAVE TO LET THE PAKISTAN JAILED THIS DOCTOR,... I MEAN EVERY GOODS FOR YOU IN THE HAVEN, MY FRIEND BIN LADEN...... FOR OTHERS, PLEASE FIND SOMEWHERE TO HIDDEN FOR AWHILE I WILL TAKE CARE YOU ALL./

      July 31, 2012 at 2:48 pm | Report abuse |
  10. Percy

    Sanctions have not worked and will never work against Iran - wake up fools πŸ˜‰

    July 31, 2012 at 2:37 pm | Report abuse |
    • Jake

      Had you rather get 10 or 15 thousand of our soilders killed?

      July 31, 2012 at 2:52 pm | Report abuse |
    • Blah blah the wheel's off your trailer

      If sanctions are the wrong way to go, then write to your people in congress and tell them to vote to dismantle the UN. Then tell them to bring back the draft and notify them that you and your love ones are willing to enlist with Robmoney's five sons.

      July 31, 2012 at 3:06 pm | Report abuse |
  11. Aaron

    How many times have we heard this story? You can't sanction more than 100%

    July 31, 2012 at 2:38 pm | Report abuse |
  12. sadamerican

    It's times like this I hate to call myself an american. Obama is the biggest bully on the block!

    July 31, 2012 at 2:38 pm | Report abuse |
    • emmertdusky

      Perhaps you'd feel better changing to sadexcuse4anamerican

      July 31, 2012 at 3:08 pm | Report abuse |
  13. Pan3

    Americans are tired of expensive wars. Sanctions are good.

    July 31, 2012 at 2:38 pm | Report abuse |
    • Chemack

      I agree...we don't need another damn war in the mid-east! Keep turning up the heat with sanctions and if Iran still doesn't get the message it will only be a matter of time until Israel bombards them...with NO loss of American lives.

      July 31, 2012 at 2:43 pm | Report abuse |
    • Percy

      Doesn't really matter, they are simply waiting for the 2012 elections to be over then Iran will get it's booty kicked πŸ˜‰

      July 31, 2012 at 2:47 pm | Report abuse |
  14. JAE

    If you try to be ethical in this globopolitico debauchery we call a democracy...your labeled a liberal. If you try the heavy handed approach, your the opposite of the spectrum. It's a catch 22 regardless of your stance. Money controls the decisions and self interest controls the money...and as always a war seemed to be starkly inevitable

    July 31, 2012 at 2:39 pm | Report abuse |
  15. But

    I thought bullying was bad...

    July 31, 2012 at 2:40 pm | Report abuse |
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