US Sanctions on Banks engaged in Iranian oil transactions

United States announced new sanctions against foreign banks that assist Iran sell its oil. The fresh sanctions will target anyone buying Iranian petrochemicals or facilitating payments to Iran, including an Iraqi or Chinese Bank. This has been done to further increase the pressure on Iran.

After the move, China, a huge importer of Iranian oil, decided to lodge an official protest. The new order provides relief to countries that have slashed the purchases of Iranian oil considerably. Iran earns 80 % of its total revenue from Oil and Petrochemical industry.

Month: Current Affairs - August, 2012