Obama Signs New Iran Sanctions Law

(New York Times) Peter Baker - President Obama on Thursday signed into law new unilateral American sanctions on Iran that impose penalties on foreign entities that sell refined petroleum to Iran or assist Iran with its domestic refining capacity. The new law also requires that American and foreign businesses that seek contracts with the U.S. government certify that they do not engage in prohibited business with Iran. Foreign banks that deal with the Revolutionary Guard or other blacklisted Iranian institutions like Iranian banks involved in terrorism would be restricted or banned entirely from the American financial system. "With these sanctions, along with others, we are striking at the heart of the Iranian government's ability to fund and develop its nuclear program," Obama said. "We're showing the Iranian government that its actions have consequences. And if it persists, the pressure will continue to mount, and its isolation will continue to deepen." The new sanctions contribute to a strategy under which the U.S., Australia, Canada and Europe take individual actions on top of the measures approved by the UN Security Council in June.

2010-07-02 09:53:53

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