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. Sal

    Even if Iran develops nuclear weapons they wil never use them against any other country including Israel. They aren't stupid and they know they will be annihilated if they use it. 

    July 31, 2012 at 2:57 pm | Report abuse |
    • FedNoMOre

      Have you never heard of the term "suicide bomber". That wasn't a soviet during the Cold War when the concept of mutual destruction was the biggest and best deterrent.

      July 31, 2012 at 3:04 pm | Report abuse |
    • qwedie

      Yes Sal, lol The government of Iran is willing to kill there own people to spit at Israel. They sent 12 year old children to clear mine fields in there war with Iraq. As in run through them to see where they are. There mothers were given plastic plaques for there sacrifice.

      July 31, 2012 at 3:06 pm | Report abuse |
    • Stan

      Israel doesn't have missiles that can reach Iran and the US wouldn't attack them for getting rid of Israel, the US would thank Iran

      July 31, 2012 at 3:06 pm | Report abuse |
  2. Mitt

    Where's the sanctions against the American banks washing the Mexican drug cartels money? Or the sanctions on the Mexican government for the massacre of Mexican citizens? Oh wait Syria and Iran are more important. US is the biggest hypocrite of the world.

    July 31, 2012 at 2:58 pm | Report abuse |
  3. Obamination

    Those commenting do realize Obama is leading the sanctions? Not Romney!

    July 31, 2012 at 2:59 pm | Report abuse |
  4. 4pease

    Go get 'em Obama.

    July 31, 2012 at 2:59 pm | Report abuse |
  5. Ciabella23

    Now, with Romney's previous investments with Iran Oil deals, is this a conflict of interest

    Mitt Romney invested in State-owned Iranian oil supply companies, and pumped money into the economy of Israel’s enemy, Iran, in 2006, even after Mahmoud Ahmadinejad called for the annihilation of Israel in 2005. (Some friend to Israel Mitt Romney turned out to be.)

    Guess, it might not be different than the Bush's family dealings with the bin laden's, anything for money...Guess if a war breaks out, Romney's sons should be the first to go defend their daddy's oil deals....

    July 31, 2012 at 3:00 pm | Report abuse |
    • Riad

      Ciabella, you need to check your facts like 99% of other Americans: Ahmadinejad did NOT threaten to annihilate israel, all he said was the "regime" needs to be wiped out of history books, meaning the apartheid, racist, zionist regime but the west saw an oppurtunity to twist his words to facilitate their and israel's agenda-a war with Iran.
      Iran has NEVER attacked another nation nor invaded another Country, the U.S and Israel on the other hand have attacked, invaded other countries on numerous occassions.
      Why shold israel(that have attacked and used illegal weapons and violated many resolutions be allowed to have nukes and NOT Iran? Why should India and Pakistan be allowed nukes but NOT Iran?
      this war is NOT about Iran's nukes, it's about israel not wanting ANY Muslim Country succeeding, once again we(USA0 are going to war and kill our youth for the sake of israel just like we did in Iraq.
      So wake up and get your facts straight before you and others follow Obomber blindly.

      July 31, 2012 at 3:28 pm | Report abuse |
  6. WILL


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

    who cares. the olympics are on!

    July 31, 2012 at 3:00 pm | Report abuse |
  8. surfsock1

    The USA and Israel are the biggest threats to world peace.

    July 31, 2012 at 3:01 pm | Report abuse |
    • Really?

      Can you name a country the US and/or Israel have ever threatened to "wipe off the map"?

      July 31, 2012 at 3:17 pm | Report abuse |
    • Riad

      Well said 😉

      July 31, 2012 at 3:28 pm | Report abuse |
    • Riad

      Response to "REALLY?"
      The U.S and israel do NOt threaten to wipe any country off, they just do it!

      July 31, 2012 at 3:33 pm | Report abuse |
  9. Stan

    Good boy, you Zionists Masters are proud of you

    July 31, 2012 at 3:05 pm | Report abuse |
  10. JDM

    If you cannot respect the results of Democracy in action then leave the United States because that is what we have here. President Obama is just doing the job that the people elected him to do.

    July 31, 2012 at 3:06 pm | Report abuse |
    • Riad

      JDM, you meant to say he's just doing the job israel elected him to do. Haven't you noticed EVERY presidential candidate HAVE to go to israel to get their blessings and approval? Look at pathetic Romney's visit recently.
      It's such a shame that the greatest nation on earth is run by some zionist thugs.
      We sacrifice our youths and money for the sake of israel.
      Why don't you ask our administration to use the $3+billion sent every year to israel to be used to save our housing and heatlcare crisis here in America rather than sent to israel to kill innocent children and house illegal zionists on stolen Palestinian lands?

      July 31, 2012 at 3:32 pm | Report abuse |
  11. Mirriam

    hate politics! It doesn't even make sense anymore!

    July 31, 2012 at 3:06 pm | Report abuse |
  12. Amber

    I'm sorry, what does Romney or his sons have to do with this article? And why would you ever glory in anyone's son being in the front of a battlefield? That's just hateful.

    July 31, 2012 at 3:08 pm | Report abuse |
    • Big_D

      Romney is heavily vested in Iranian oil companies. Something you apparently have ignored.

      July 31, 2012 at 3:12 pm | Report abuse |
  13. Mirriam

    I guess this is one way the U.S. is trying to get back on it's feet from all the debtss ..just sad that innocent people will have to suffer due to actions of some sleazy businessman and politicians

    July 31, 2012 at 3:08 pm | Report abuse |
  14. DasFugUnSie

    Obama anounces he is related to Achmadinejadapoopa

    July 31, 2012 at 3:09 pm | Report abuse |
  15. Truthbetold

    While Obama's domestic policy has been quite inadequate to say the least, his foreign policy has by far been his strong point in his first term. I still wouldn't give him an "A" in foreign policy simply because he tripled the number of troops in Afghanistan but other than that, I believe he has waged an effective foreign policy which included cleaning up much of the mess made from the previous 8 years. Romney shouldn't even talk about foreign policy if he doesn't have to because every time he does its disastrous.

    July 31, 2012 at 3:10 pm | Report abuse |
    • Debby

      Are you serious Romney talked about these same issues when he was in Isreal and now all of a sudden its breaking news for Obama.

      July 31, 2012 at 3:16 pm | Report abuse |
    • Truthbetold

      Debby, Romney has been banging the war drum on Iran for quite some time now. His foreign policy would be disastrous.

      July 31, 2012 at 3:19 pm | Report abuse |
    • bb

      Where have you been ???

      July 31, 2012 at 3:20 pm | Report abuse |
    • insi10

      I'd give him an A- on foreign policy. I think the troop buildup in Afghanistan was politically unavoidable. The "surge" in Iraq made it necessary politically to try the same thing before exiting.

      Also, most people miss the main reason for the US presence there. It isn't Afghanistan. It is that we and the world face a far more dangerous nuclear threat in Pakistan than Iran.

      The Pakis already have nukes. They have a confirmed and committed U.S. enemy - the ISI - in a high place of power in the government. If there is a better way to safeguard the Paki nukes than keeping troops around and paying the slimeballs the zillions we are paying them, what is it?

      It seems to me that Obama has made the least worst of a very bad situation in Pakistan. Imagine us pulling out, the Islamic radicals seizing power, and nuclear weapons on trucks heading for ports ...

      July 31, 2012 at 3:36 pm | Report abuse |
    • John

      I'll give Obama a couple things and take away a couple things. Apologizing to Karzai about the koran burnings was pure b.s.. He came across weak with that. Apologizing to Europe for U.S. arrogance was not appreciated. I'll give him the Bin Laden raid, although I'd think any Pres would have done the same. As for Romney's lack of experience? How much did Obama, W. Bush and Clinton have prior to being president? None. Not even Reagan.

      July 31, 2012 at 3:49 pm | Report abuse |
    • crownme

      His strong point? REALLY??!!?? Well I guess you might be right.. He has failed at almost everything he has a responibility of. The foreigners might like him because; He makes us look weak, dumb, bows to leaders.. Yeah.. Any other word you can think of that has to do with idiocrasy or low level of intelligence. I could go on and on..

      July 31, 2012 at 4:09 pm | Report abuse |
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