September 30, 2010 |
The Obama administration rolled out its first penalty Thursday under the new U.S. sanctions on Iran, but carefully avoided any challenge to Russian and Chinese companies that would have risked diplomatic fallout. The administration sanctioned a Swiss subsidiary of Iran's national oil company, while declaring that it was weighing punishments against other, unidentified foreign companies. The 4-month-old sanctions are aimed at drying up foreign investment in Iran's oil and gas sector in hopes of persuading Tehran to agree to limits on its disputed nuclear program.
March 14, 2012 |
China'slargest bank has backed out of a deal to finance a proposed Iran-to-Pakistan gas pipeline that is opposed by the United States, a potential sign of the lengthening reach of U.S. economic sanctions on Iran. Pakistani officials confirmed Wednesday that Industrial and Commercial Bank of China had withdrawn from plans to head a consortium that would finance the $1.6-billion Pakistani portion of the cross-border pipeline, apparently over concern that the bank could be excluded from the U.S. economy.
November 22, 2011 |
The Obama administration slapped Iran with a new round of sanctions for its alleged nuclear and terrorist activities, but stopped short of the tough economic punishments favored by many in Congress. In an announcement coordinated with Britain and Canada, U.S. officials said they were imposing new punishments aimed at Iran's petrochemical sector and organizations involved in the country's nuclear program or terrorism, such as the Iranian Revolutionary Guard Corps and its elite Quds Force.
January 24, 2012 |
Europe slapped a boycott on Iranian oil Monday, signaling that the Islamic Republic's second-largest market is likely to dry up as part of a U.S.-led sanctions campaign that has already inflicted serious damage on Iran's economy and sharply increased tensions. The value of Iran's currency is falling dramatically, prices are rising and Iranians are stocking up on supplies in fear of worse to come. Iran, which receives an estimated 70% of its revenue from oil sales, has threatened to retaliate by choking off the flow of oil through the Strait of Hormuz at the southern end of the Persian Gulf.
February 17, 2012 |
Despite the Obama administration's vows to cripple Iran with economic sanctions, it is leaders in Congress and Europe who have seized the lead in the West's long-running campaign to punish Tehran for its suspected nuclear weapons program. In recent months, the toughest moves to deter Iran from pursuing its presumed nuclear ambitions have come from a bipartisan group in Congress and European allies, especially Britain and France. The White House at first resisted these steps before embracing them as inevitable.
October 29, 2009 |
A House committee, seeking to pressure Iran to abandon its nuclear ambitions, approved a bill Wednesday aimed at punishing Tehran by cutting off its access to gasoline and other refined petroleum products. The measure, which would give the president powers to take action against foreign companies that sell refined petroleum to Iran, is popular on Capitol Hill, and three-quarters of House members have cosponsored the legislation. But the measure could undermine Obama administration efforts to negotiate with Iran over its nuclear development program.