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 Pakistani officials confirmed Wednesday that Industrial and Commercial Bank of China had withdrawn from plans to head a consortium that would finance the $1.6-billion Pakistani portion of the cross-border pipeline, apparently over concern that the bank could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.
July 31, 2013 |
WASHINGTON - The House voted 400-20 Wednesday to hit Iran with the toughest sanctions yet over its nuclear program, in a forceful rejection of arguments that Congress should refrain from new penalties pending international negotiations with the new Iranian government. The lawmakers adopted a bill that would basically block Iran from selling any oil abroad, after a year in which its exports have already been cut in half by international sanctions. Lawmakers said they wanted to send Tehran a strong signal before the negotiations, and didn't believe statements by Iran's president-elect, Hassan Rouhani, that he wants a better relationship with the West.
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.
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.
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.
May 8, 2013 |
WASHINGTON - A bipartisan group of senators introduced legislation Wednesday that would sharply toughen U.S. economic sanctions on Iran despite administration calls for Congress to delay penalties that could disrupt diplomacy aimed at resolving the dispute over Iran's nuclear program. Advocates say the Senate proposal could, at least in theory, block Iran from accessing about one-third of the foreign exchange reserves it relies on to pay for government programs, to finance trade and to prop up its currency.