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…
View original post 210 more words