U.S.: New Iran Sanctions to "Lock Up" Oil Earnings

(Reuters) Roberta Rampton - Starting Feb. 6, U.S. law will prevent Iran from repatriating earnings it gets from its shrinking oil export trade, a powerful sanction that will "lock up" a substantial amount of Tehran's funds, said David Cohen, undersecretary for terrorism and financial intelligence at the U.S. Treasury Department. If banks transfer Iran's oil earnings beyond their borders, they will risk losing access to the U.S. banking system, Cohen explained. "Iran's oil revenues will largely be shackled within a given country and only useable to purchase goods from that country," he said.

2012-12-07 00:00:00

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