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.

Post by: ,
Filed under: Energy • Iran • Nuclear • U.S. • World
soundoff (199 Responses)
  1. Scott

    BoBo is only posing for the election. We The People still need to vote on National Flush The Toilet Day, November 6, 2012 to send this floater swirling down the porcelain bowl.


    July 31, 2012 at 3:28 pm | Report abuse |
  2. Sanction Manctions

    We hit them with a new sanction every week! How many more do we have left to hit them with? If sanctions worked, they would've cooperated two years ago after the 20th sanction. Just some more BS to gain re-election. Iran has control of this nuclear situation and they laugh at these sanctions.

    July 31, 2012 at 3:29 pm | Report abuse |
  3. Barry In Las Vegas

    It was a success, but not that you could tell by CNN's and the rest of the MSMedia's reporting. You are so in the tank to get Obama reelected that you have thrown any pretense of being a NEWS organization overboard that it is really pathetic.

    July 31, 2012 at 3:34 pm | Report abuse |
  4. Sagebrush Shorty

    By all means let's have more sanctions. They have worked so well so far.

    July 31, 2012 at 3:34 pm | Report abuse |
  5. Chickenhauler

    I truly hope not. Once a nation deploys nuclear weapons, there is no turning back.

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

    Wow, Iran has done nothing new in the nuke area and Obama lays on sanctions now...at this time...nope, no politics here...

    July 31, 2012 at 3:38 pm | Report abuse |
  7. John M.

    If these sanctions don't work, then allow Israel right to bomb Iran's nuclear facilities to kingdom kom. Iran's president is the only president of any country to publicly announce that it plan to wipe a neighbor country off the map of the world.

    July 31, 2012 at 3:38 pm | Report abuse |
  8. Chickenhauler

    Am I the only one who thinks it ironic that Mitt just made statements about Iran and their nuclear program, and now O feels the need to one-up him?

    July 31, 2012 at 3:41 pm | Report abuse |
    • lsgyrl08

      Mitt's the follower. Do you really think this wasn't in the works already

      July 31, 2012 at 3:47 pm | Report abuse |
    • crownme

      I was going to post something similar. He is doing whatever he can to stay relavent. What an Obummer! lol Romney/Anyone 2012!!!!!

      July 31, 2012 at 4:04 pm | Report abuse |
  9. joe

    More sanctions are preferable to encouraging Israel to attack Iran and set off a regional war that we'll end up paying for.

    July 31, 2012 at 3:42 pm | Report abuse |
    • chris

      how well did those sanctions work against North Korea? next....

      July 31, 2012 at 3:44 pm | Report abuse |
  10. lsgyrl08

    It does not take balls. It takes stupidity.

    July 31, 2012 at 3:46 pm | Report abuse |
  11. what a farce...its as if obama thinks the people are stupid...

    If he were really serious about stopping iran, he would by now, draw a red line in the sand beyond which diplomacy stops and military intervention comes next. Its really quite simple and yet, he wont do it.

    in the end, obama is going to opt for containment once iran surprises the world with a nuclear test. At that point, he will say, deterrence is his new strategy.

    The man is abusing his position as president and assuming that we the people are idiots who dont see through his agenda...

    preventing iran from nuclear weapons IS possible, even though all of obama's academic and media friends are trying to convince us otherwise....and they are lying through their teeth....

    July 31, 2012 at 3:46 pm | Report abuse |
  12. lsgyrl08

    I'm sure he's reading this. You're talking to yourself.

    July 31, 2012 at 3:48 pm | Report abuse |
  13. tony

    Putting sanctions on a Chinese mainland bank sounds almost like an act of war against China. Let's hope they don't turn around and cancel our US credit card.

    July 31, 2012 at 3:49 pm | Report abuse |
  14. RealityBites

    Sanctions to enforce sanctions.., I can hear the Irianian laughter from here.

    July 31, 2012 at 3:50 pm | Report abuse |
    • Anna

      Ain't that the truth!!

      July 31, 2012 at 3:59 pm | Report abuse |
    • sam

      iranian laughter? not likely. your comment shows you have read nothing about the effect of the sanctions on the Iranians. aint pretty.

      July 31, 2012 at 4:05 pm | Report abuse |
  15. jessica

    Well sadly without all these wars, my husband could lose our only income. Active duty army for 11 years and now they are getting rid of people left and right. Use you, abuse you, then get rid of you. Gee thanks.

    July 31, 2012 at 3:50 pm | Report abuse |
1 2 3 4 5 6 7 8