U.S. Imposes Penalties on New Banks Helping Iran

By: AP
By: AP

WASHINGTON (AP) -- President Barack Obama is leveling new sanctions on banks in China and Iraq that the White House says have helped Iran evade international sanctions.
The new penalties target China's Bank of Kunlun and Iraq's Elaf Islamic Bank. In a statement, Obama says the sanctions make clear that the U.S. will expose any financial institution that assists "the increasingly desperate Iranian regime" to access the international financial system.
Obama is also expanding sanctions on the purchase or acquisition of Iranian petrochemical products. The sanctions are authorized in part for those who provide support to the National Iranian Oil Company and the Central Bank of Iran.
The election year announcement comes as Obama aims to show he is being tough on Iran amid criticism from Republican rival Mitt Romney.


WILX.com is happy to provide a forum for commenting and discussion. Please respect and abide by the house rules:

Keep it clean, keep it civil, keep it truthful, stay on topic, be responsible, share your knowledge, and please suggest removal of comments that violate these standards.

powered by Disqus
WILX 500 American Road Lansing, MI 48911 517-393-0110
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 164491086 - wilx.com/a?a=164491086