Obama’s New Iran Sanctions Target Energy, China, Iraq Banks
Posted: Sat Aug 04, 2012 6:47 pmPNA-The U.S. announced new sanctions on Iran’s energy and petrochemical sectors and on banks in China and Iraq that have facilitated transactions on behalf of Iran, steps that President Barack Obama said show the “growing consequences” as Iran avoids its international obligations.
The moves were announced while Obama’s presidential campaign rival, Republican Mitt Romney, wrapped up an overseas trip that included a stop in Israel, where Romney said he supported the country’s use of “any and all measures” to stop Iran’s nuclear arms program and suggested Obama hadn’t done enough.
The sanctions also come as Congress is poised to give final approval to Iran sanctions legislation.
Obama’s order expands sanctions to cover the purchase or acquisition of Iranian petrochemical products; to cover entities that provide material support to the National Iranian Oil Co., Naftiran Intertrade Co., or the Central Bank of Iran; and the acquisition of U.S. bank notes or precious metals by Iran’s government, the White House said in a statement released today.
The Treasury Department also imposed sanctions on Bank of Kunlun in China and Elaf Islamic Bank (BELF) in Iraq. David Cohen, undersecretary for terrorism and financial intelligence at the Treasury Department, said the sanctioning “effectively cuts them off” from the U.S. financial system and will impose a “significant chilling effect” on the banks to operate elsewhere in the world.
The moves were announced while Obama’s presidential campaign rival, Republican Mitt Romney, wrapped up an overseas trip that included a stop in Israel, where Romney said he supported the country’s use of “any and all measures” to stop Iran’s nuclear arms program and suggested Obama hadn’t done enough.
The sanctions also come as Congress is poised to give final approval to Iran sanctions legislation.
Obama’s order expands sanctions to cover the purchase or acquisition of Iranian petrochemical products; to cover entities that provide material support to the National Iranian Oil Co., Naftiran Intertrade Co., or the Central Bank of Iran; and the acquisition of U.S. bank notes or precious metals by Iran’s government, the White House said in a statement released today.
The Treasury Department also imposed sanctions on Bank of Kunlun in China and Elaf Islamic Bank (BELF) in Iraq. David Cohen, undersecretary for terrorism and financial intelligence at the Treasury Department, said the sanctioning “effectively cuts them off” from the U.S. financial system and will impose a “significant chilling effect” on the banks to operate elsewhere in the world.