U.S. slaps new sanctions on Iran amid tensions
CBS/AP
Updated at 11:29 a.m. ET
WASHINGTON - President Obama has ordered new sanctions on the Islamic republic, including its Central Bank, in a move to enforce a law he signed in December.
In a letter to Congress Monday, Mr. Obama said the tougher sanctions are warranted "particularly in light of the deceptive practices of the Central Bank of Iran and other Iranian banks." He said the problems included the hiding transactions of sanctioned parties, the deficiencies of Iran's anti-money laundering regime and the unacceptably high risk posed to the entire international financial system posed by Iran's activities.
The Central Bank sanctions were included as an amendment in the wide-ranging defense bill Mr. Obama signed into law at the end of 2011. The White House said Mr. Obama signed the executive order approving the sanctions on Sunday, well ahead of the six-month window he was afforded in the defense bill.
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Mr. Obama's fresh swipe at Tehran come as the White House tries to both ratchet up pressure on the Islamic republic to abandon its nuclear program and dissuade Israel from launching a unilateral strike on Iran, a move that could roil the Middle East and jolt the global economy.
Mr. Obama said Sunday he does not believe Israel has yet decided whether to attack Iran and still believes a diplomatic solution is possible.
Iran insists that its nuclear pursuit is for peaceful purposes, but the West accuses Iran of developing the know-how to build a nuclear bomb. Defense Secretary Leon Panetta last week would not dispute a report that he believes Israel may attack Iran this spring in an attempt to set back the Islamic republic's nuclear program.
A Treasury Department statement said the sanctions underscore that the administration is determined to hold Iran accountable for meeting international obligations over its nuclear program. The statement said Iran should get the message that "it will face ever-increasing economic and diplomatic pressure" until it answers the world's well-founded concerns about its nuclear intentions.
The department also said foreign financial institutions engaged in "arms-length transactions" with the Central Bank would not be impacted by the sanctions that Mr. Obama ordered Sunday, but remain at risk of such penalties if they undertake significant transactions with the bank or other Iranian financial institutions.
The sanctions amendment in the defense bill compelled U.S. punishment of foreign financial institutions that conduct transactions through Iran's Central Bank in order to import petroleum. Several U.S. allies in Europe and Asia engage in such business with Iran.
The administration expressed concern at the time that the sanctions could lead to a spike in global oil prices, hampering the American economic recovery and perhaps perversely enabling Iran to reap even greater revenues from its oil exports. That would defeat the purpose of the bill, which is to hamper Tehran's alleged support for international terrorism and its ability to fund its nuclear enrichment program.
Under the law, Mr. Obama had the option of waiving penalties for national security reasons.
The White House sees sanctions as an effective method of increasing pressure on Iran and officials say the penalties have started to squeeze Iran's economy.
In recent weeks, both the U.S. and European Union have imposed harsher sanctions on Iran's oil sector, the lifeblood of its economy.
In Washington, the Senate Banking Committee also easily approved yet more penalties on Tehran last week. The sweeping measure, which is not yet law, would target Iran's Revolutionary Guard Corps, require companies that trade on the U.S. stock exchanges to disclose any Iran-related business to the Securities and Exchange Commission, and expand penalties for energy and uranium mining joint ventures with Tehran.
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As it should be.
Cept I kind of like some of those guys oil. To heck the rest.
Isnt that what was going on in Kuwait across the Iraq border. One of the reasons Iraq attacked Kuwait for Gulf War one. We are probably still sucking oil across that border.
Killing OBL no matter the " Osama is not important" speech Bush Gave... Credit goes to Bush.
Libya. Went really well but shouldnt have happened according to these guys. Even though they want us to DO SOMETHING in Syria and Iran. Libya was an Obama mistake.
Economy. In a state of Free Fall when Obama took office. Caused by guys exactly like Mitt and Newt. Still not good but it is all Obamas fault. Anything good happening now is due to the Republican House of Representatives.
I mean wow.
Obama to Geithner: How much did we get?
Geithner: About $27. This because we found an account that they had forgotten about.
TruthB.... Do you ever get out from under your bed. You're kind of skittish arent you.
"Iranian Foreign Ministry spokesman Mahmoud Mohammadi said on state television, "Iran follows with deep concern the crisis created after the recent nuclear tests [in Pakistan on 28 May 1998]. The Islamic Republic of Iran calls on Pakistan and India to promptly cease all tests and stop the nuclear race and join the [Nuclear] Non-Proliferation Treaty." The Iranian government also took the opportunity to push the idea of a nuclear-weapon-free zone in the Middle East. "The recent developments once again point to the necessity of giving serious attention to setting us nuclear-free zones, especially in the sensitive Middle East region, which is under the threat of Israel's nuclear arsenal," Mohammadi said. President Mohammad Khatami told Pakistani Prime Minister Nawaz Sharif the week before the tests that he understood Pakistan's security concerns after India's nuclear tests son 11 and 13 May, but he urged Islamabad to exercise restraint."
(Reuters, 29 May 98)
the United States put more and more pressure on Iran, is this the solution?
in addition to the sanctions, the United States trying tirelessly to sow trouble in the Gulf area by creating a tension between Iran and Israel, why?
both countries are not stupid, they are aware that a war in the region would be catastrophic
"au revoir"
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