Fresh sanctions imposed on Iran

• The US imposed fresh sanctions against Iran increasing pressure on Tehran to take seriously concerns about its suspected nuclear weapons programme. The Treasury and State Department actions target more than 50 entities linked to Iran’s procurement, petroleum, and shipping networks.
• According to US Treasury and State Department the move is directed towards disrupting Iran’s nuclear and ballistic missile programs as well as its deceiving endeavors to use front companies to sell and move its oil.
• The U.S. and EU have recently implemented an oil embargo which resulted in significant reduction in exports of crude from which the Iran draws 2/3^rd of its foreign exchange income.
• Iran has seen stringent international economic sanctions over its controversial nuclear programme, which Western powers believe hides an atomic weapons programme despite repeated denials by Tehran.
• The Treasury is trying to check the evasion of sanctions by dismantling numerous front companies, ships and banks that are part of the government of Iran. It blacklisted 20 Iranian financial institutions.

Month: Current Affairs - July, 2012