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. Blah blah the wheel's off your trailer

    Your mama just called you right wing confederate.

    July 31, 2012 at 3:51 pm | Report abuse |
  2. obama2012

    about time!!!!

    July 31, 2012 at 3:52 pm | Report abuse |
  3. tony

    And let's not forget that Iran's nuclear activities are actually perfectly legal, despite the US making up stoires for our [public. Whereas, of course, Israel's are not and even more secret. .

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

      and let's not forget that you are lying straight faced since Iran consistently is thumbing it's nose at the international community as it tried to build itself nuclear weapons and since Israel never signed the NPA.

      July 31, 2012 at 4:01 pm | Report abuse |
    • sam

      perfectly legal? not if they are making nuclear weapons. they are also threatening a neighbor with extinction. you apparently approve of their actions and thus you must also approve of 9/11, shoe bombers, underwear bombers, rocket launchers, etc. since you are sympathetic to Iran you should be happy that sanctions are being used before bunker busters. you are, aren't you?

      July 31, 2012 at 4:09 pm | Report abuse |
  4. dont be a sucker

    Iraq all over again

    I hope the people in our military refuse to fight this time

    July 31, 2012 at 3:55 pm | Report abuse |
  5. Neckstomp

    Wow. And the other versions of these sanctions worked so well in the past few years. Now, let's try something equally useless with the added bonus of harming the US and China. Brilliant.

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

      worried about China and the US are you? not likely......sounds like islamic center bulletin board material you are quoting.

      July 31, 2012 at 4:16 pm | Report abuse |
  6. Floyd

    Everyday, when I hear or read of what is going on in this 'World of ours. It makes me 'BELIEVE' that the Bible, is 'CORRECT' on 'ALL' acoounts..

    3 And as he sat upon the mount of Olives, the disciples came unto him privately, saying, Tell us, when shall these things be? and what shall be the sign of thy coming, and of the end of the world?

    Matt 24:3 (KJV)

    6 And ye shall hear of wars and rumours of wars: see that ye be not troubled: for all these things must come to pass, but the end is not yet.

    7 For nation shall rise against nation, and kingdom against kingdom: and there shall be famines, and pestilences, and earthquakes, in divers places.

    8 All these are the beginning of sorrows. ..

    If this is the 'BEGINNING' of 'SORROWS' what will be seen after the Lord, comes to take 'His' people home.. 🙁
    Matt 24:6-8 (KJV)

    July 31, 2012 at 3:58 pm | Report abuse |
    • Amber

      There will be no 'peace'. We know that for certain. Someday the world will see the truth of the bible, and the truth of God. And fall on your face before God because you're not going to be around for what happens next...

      Thank you for posting that.

      July 31, 2012 at 4:09 pm | Report abuse |
  7. dont be a sucker

    ""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.""

    this coming from the most secretive government in the world...ours

    how would we like some other country threatening us if we didn't come clean about our Top-Secret programs ???

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

      owing allegiance to dearborn instead of the US? dont like it in the US, why stay?

      July 31, 2012 at 4:11 pm | Report abuse |
  8. Amber

    Spoiler alert, Israel wins when all the countries come against them.

    July 31, 2012 at 3:59 pm | Report abuse |
  9. Deedz

    Jessica – I am not trying to be mean, but what you said was not very intelligent. Although it is sad that your only income is war, that is the dumbest thing I've ever heard. War kills people (including americans !!!! – your husband could be next, then what income would you have). Why are you not working – are you physically impaired? If so, I apologize but if not and your excuse is that you have to stay home with the children, then you might want to take a course and get an education because you don't seem very bright to make a statement like that. Must be a huge burden on your husband, uless of course he wants to be away from home. Very sad for you.

    July 31, 2012 at 4:00 pm | Report abuse |
  10. Valkyrie

    And what would be YOUR solution?

    July 31, 2012 at 4:00 pm | Report abuse |
  11. joshua

    see dr owour a prophet among us. he talks about the iran war coming. and syria victory war too. read deuteronomy 18 & st marks 16 and act 3 to confirm he is a prophet.

    July 31, 2012 at 4:01 pm | Report abuse |
  12. Tim Palmer

    Sanctions will only hurt us by driving up the price of oil. If what they are doing is so evil then send 1 (one) stealth bomber over there, drop a low grade nuke on their plant. It will look like they had a accident and blew themselves up.

    July 31, 2012 at 4:01 pm | Report abuse |
  13. Eric

    Ok, wow

    July 31, 2012 at 4:02 pm | Report abuse |
  14. ed

    Show me ONE time when sanctions have EVER worked. Hint: you can't....... There are just people in this world that will never understand anything but naked brutal FORCE. You want to make them think twice about making a nuke? It's easy. Go to the UN and announce that the US considers IRAN a DIRECT threat to our people. Therefore, every city and military base has been located and targeted by our ICBM force. If a nuke goes off in the US or any of our allies we will consider it as coming from Iran and a city will be selected at random. ICBMs will be immediately launched.

    If Iran is stupid enough to continue building a nuke knowing that ICBMs are now aimed at them, well, they deserve to glow in the dark.

    July 31, 2012 at 4:02 pm | Report abuse |
    • Floyd

      Ed, after hearing what Pres. Adimidad (sp) said not to long ago, He said that if he had to destroy his people and his

      country in order for the '12th Imam' to come.. He would not hesitate one ,minute.

      The Second coming in the Muslim Faith.

      So when he says things like that,I seriously doubt ,that he really cares, what other Nations think about them building

      a 'Nuke'.

      And just recently the 'Top Religous Leaders' were spouting the 'same' thing.

      July 31, 2012 at 4:12 pm | Report abuse |
    • sylvy

      @ed You don't seem to under the RELIGIOUS thinking of the Iranian Pres. He's one of the "13ers". He is awaiing the arrival of yh "13th imam – Imam Mahdi. The one who will appear at the end of the world. The prez (just as some findelmentaliist Christians would with the second coming of Jesus and the Raputure) would like to help things along. Yhe Iranian prez doesn't give a hoot about his country being nuked after he nukes Israel, etc. He's just looking towards Jannah (Heaven) and the supposed 72 virgins. This is not a political issue to him. It's a religious thing.

      July 31, 2012 at 4:13 pm | Report abuse |
  15. sam

    better to be the police of the world than having some other country as the police of the world, wouldn't you agree? unless you are the one being policed. are you?

    July 31, 2012 at 4:03 pm | Report abuse |
    • Mickey1313

      If you live in america, you live in a militarized police state

      August 1, 2012 at 3:01 am | Report abuse |
    • Baloney

      Ahh, I'm so sorry but you have been misinformed. If you aren't doing anything wrong, the police don't bug you. Yes, they sometimes step out of line and think they are above the law, but most police officers are just patriotic American's trying to help their country. I do feel our police need to be trained to be more diplomatic; at the local level the police are representatives of our state and local government and need to act that way. Rather than just trying to arrest people, they need to be more focused on providing assistance to citizens. However the last time I was pulled over for speeding, the officer was very understanding and kind; but I still got a ticket.(lol) I agree that they are becoming militarized; the other day a friend stopped by a hardware store in another city, and there were four police cars and a SWAT team with assault rifles surrounding a vehicle. The crime? The suspect stole a $10 wrench. True story.

      August 3, 2012 at 5:15 pm | Report abuse |
1 2 3 4 5 6 7 8