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. Big_D

    Mitt will be upset he can't do more business with Iran. He has invested millions in Iran, feel free to look it up.

    July 31, 2012 at 3:10 pm | Report abuse |
  2. yolanda

    @Blah Blah, do you ever have anything remotely constructive to offer? Whatever validity that might exist in any of your postings is totally eliminated by your incessant negativism Give it a rest.

    July 31, 2012 at 3:10 pm | Report abuse |
    • Blah blah the wheel's off your trailer

      @yolanda

      Can you be more specific? What did I say that you disagree with? If I call the right wingers morons for wishing that our President and country fails, then they are morons. And if I say that President Obama is doing the right thing to avert another war by putting pressure on Iran to come to the negotiating table, then what is non constructive about that comment?

      July 31, 2012 at 3:36 pm | Report abuse |
  3. kirkewilliams

    It's a shame that we are the bullies of the world.

    July 31, 2012 at 3:11 pm | Report abuse |
  4. Oil Man

    Sanctions are just Bull Crap. Iran is selling its oil at $30 a barrel to middlemen from all over the world including the US and Israel! Therefore the sanction is a win win for Iran and the rest of the world.

    July 31, 2012 at 3:11 pm | Report abuse |
  5. emmertdusky

    check....one two....check

    July 31, 2012 at 3:12 pm | Report abuse |
  6. nonyabidnes2

    Sanctions, samactions, all this talk and now we learn Iran has gone from 9% to 21% enrichment of uranium.. They have been able to so this because of all the"Stall Tactics". This has been done in a short period of time. I wonder how soon they will acheive weapons grade??? See what all this talk has done???

    July 31, 2012 at 3:14 pm | Report abuse |
    • Truthbetold

      What would you suggest nony? War? Our country really needs another war right now...

      July 31, 2012 at 3:17 pm | Report abuse |
  7. And0

    @zlulz,

    Did you just seriously prey that we end up going to war with Iran? Just to satisfy your self hatred for Obama? You obviously have no clue of the consequences of going to war with Iran. I am not a huge fan of Obama either, but how would Obama being regarded "the worst president ever" possibly solve any of the problems we currently face? It's like they say, those who have never been to war love to talk about war..

    July 31, 2012 at 3:15 pm | Report abuse |
  8. Definition of Insanity

    Because it's working on North Korea and Cuba, so it will work on Iran too!

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

      That is just bad comparison. Iran always prides itself on being technologically advanced and DIFFERENT from North Korea and Cuba.
      Good choice of screen name by the way.

      July 31, 2012 at 3:21 pm | Report abuse |
    • Blah blah the wheel's off your trailer

      And what if President Obama was to call for a war against Iran? Would you support it? Or would you point to the national deficit and ask who is going to pay for that war? Or would you call our President a bully? You should change your name to flip flopping Robmoney.

      July 31, 2012 at 3:48 pm | Report abuse |
  9. fred37ify

    Uh oh ! Barrack gonna shake his finger at them next !

    July 31, 2012 at 3:20 pm | Report abuse |
  10. Joshua

    This seems another war is looming,bush invaded iraq but he found nothing,today iraq inocent people die each an everyday,when wil america learn from their mistakes

    July 31, 2012 at 3:20 pm | Report abuse |
  11. paofpa

    Park a Missile Sub in the Arabian Sea. Show it off to the world press. Maybe two will be better. But fear does not cure idealistic dream, take a look at today’s congress.

    July 31, 2012 at 3:21 pm | Report abuse |
  12. sunsudo

    So the U.S. can drop 2 Atomic bombs, imprison it's own people, require papers to trave state id or drivers lice, Go to war with anyone for anytrumped up reason, and believes it has the right to tell anyone in the world how to run and defend their own country.

    July 31, 2012 at 3:22 pm | Report abuse |
    • sunsudo

      and then people wonder why the U.S. is disliked and even hated

      July 31, 2012 at 3:24 pm | Report abuse |
  13. Obamathejoke

    do what you wish...Iran will continue selling Oil no matter how many sanctions are passed...America is just lining themselves up for a nuclear strike from a country their not expecting it from.....America is a joke...just like their president and sanctions

    July 31, 2012 at 3:22 pm | Report abuse |
    • Rogue351

      And you think Romney will be better ? The first thing Romney will do is go to war with Iran to feed the industrial military complex that all of his buddys who funded his run are involved in. American will then be paying $10 a galon. As for a strike from Iran or any other ? That is the fastest way to turn your entire country into a parking lot of glass. Nukes are a no win situation on either side.

      July 31, 2012 at 3:28 pm | Report abuse |
  14. Curtis

    Let's go over this again.....
    The US overthrew Iran's government in the 50's. In the 80's, we armed and aided their neighbor, Saddam Hussein in the Iran-Iraq war. We are best buds with their biggest enemy, Israel. We invaded BOTH their neighbors and we have politicians singing songs about bombing them and use attacking their country as political fodder every 4 years. In the past 24 months, the USA has dropped bombs in Iraq, Afghanistan, Pakistan, Syria, Yemen, Somalia and Libya. Name one nation the Iranian military has attacked in that time? If the theatre shooter had been an Iranian, we would have troops on the ground right now! Iran SHOULD be trying to get nuclear weapons! Any nation who is bullied like the way the U.S. tries to bully Iran would seek ways to defend itself. Some how, some day, same way, this country will see WE are the aggressors and the problem. It always seems to be another country in the wrong. How many nations will we attack before the citizens of this country realizes we are the world's most dangerous nation. Not Iran, Not Pakistan, Not Mexico, Not China, Not Russia. US, the U.S.!!

    July 31, 2012 at 3:23 pm | Report abuse |
    • Ben

      So do they hate us because we supported their enemy Iraq or invaded their enemy Iraq?

      July 31, 2012 at 3:39 pm | Report abuse |
    • chris

      Curtis – you don't seem to know your history. let's just call you a product of the failed liberal education system. all that money wasted and you are still clueless. Stalin, Hitler, Pol Pot. They are all ruthless and evil people who killed millions of defenseless people. The U.S. has had failed foreign policies for sure, but to say that they are the only evil in the world is ridiculous.

      How do I know? It's simple. A person like you would last 30 seconds in Iran, North Korea, or even Venezuela.

      July 31, 2012 at 3:43 pm | Report abuse |
    • tony

      You are not alone. Millions and millions of Americans share these sentiments, but our politicians are obscenely well paid to be re-elected if they say otherwise.

      July 31, 2012 at 3:44 pm | Report abuse |
    • Enjoy Gitmo

      I'm sure agents are on their way right now.. 🙂 happy water boarding.

      July 31, 2012 at 3:46 pm | Report abuse |
    • RealityBites

      The difference being our good intent..., eyes rolling.

      July 31, 2012 at 3:52 pm | Report abuse |
    • Just call me Lucifer

      A good islamist is a dead islamist.

      July 31, 2012 at 3:53 pm | Report abuse |
    • M

      But the big part you are missing, they have repeatedly stated they will wipe certain countries off of the map, i.e. the big and little satans!!

      July 31, 2012 at 3:53 pm | Report abuse |
    • Cole

      If you don't like the way this country runs then go ahead and move to one of those counrties you just listed and see how that works out for you!

      July 31, 2012 at 3:53 pm | Report abuse |
    • Networ_king

      Such naivety. The main problem is not the US, the main problem is that people like you are allowed to vote. You have no grasp of the world stage or of the topics which you so openly discuss. I am willing to bet you have never been to these regions and have never discussed this issue with the thousands being killed on a daily basis by these terrorist regimes. You use the freedom which others have died for to express uneducated ideas. Be thankful that you are not living in the places you name or you would be arrested by now.

      July 31, 2012 at 3:54 pm | Report abuse |
    • frank

      Curtis sounds bitter. curtis sounds like he is aka achmed and sees the US as the bad guy in Yemen [ bombed the uss cole] somalia [ Somalia!] afghanistan [ acid throwers,well poisoners and women stoners], Iraq [ kuwait invader and chemical poisoner of kurds], etc. and says Iran should have nuclear weapons so they can what? destroy the "best bud" of the US, israel? Curtis aka achmed, too much hookah? or too much Islamic center propaganda? i have an idea curtis. move to Iran or someplace where you wont feel so guilty about ........whatever, you are pretending to be guilty about.

      July 31, 2012 at 3:56 pm | Report abuse |
    • Eu

      Curtis, couldn't agree more.
      what do you think of this comment posted on a UK news site. Talking about all that have died in Iraq, Afghanistan etc.

      " All so that fat yanks can drive their 6 litre SUV's to Mcdonalds every day"

      July 31, 2012 at 4:05 pm | Report abuse |
  15. Blah blah the wheel's off your trailer

    I could just imagine what the right wingers would say when Iran finally decides to relinquish its nuclear ambitions, averting war...The right wingers would say that Obama shouldn't get any credit because it was Israel that pressured the Iranians into blinking. Worthless f-ing confederates.

    July 31, 2012 at 3:26 pm | Report abuse |
    • Scott

      Well Blah... on the day the inferno region freezes over and your Wonder Chimp's sanction's work we will give credit where it is due. But don't hold your breath waiting for sanctions to work with terrorists.

      Scott

      July 31, 2012 at 3:30 pm | Report abuse |
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