Obama signs new Iran sanctions into law
July 2nd, 2010 - 7:50 am ICT by IANS
Washington, July 2 (DPA) US President Barack Obama signed a law Thursday imposing tough new sanctions on Iran and making it harder for the Islamic state to fund its nuclear programme.
The sanctions were drawn up and overwhelmingly approved last week by Congress. They expand existing sanctions on Iran’s energy and banking sectors and could penalise companies who do business with the Iranian government.
“We are ratcheting up the pressure on the Iranian government for its failure to meet its obligations,” Obama said.
Iran has been under mounting pressure for its refusal to comply with UN Security Council resolutions demanding Tehran suspend uranium enrichment, a process that could be used to make nuclear weapons but that Iran maintains is solely for producing energy.
The US and Western allies suspect Iran is trying to acquire the ability to develop nuclear weapons.
“With these sanctions - along with others - we are striking at the heart of the Iranian government’s ability to fund and develop its nuclear programmes,” Obama said.
The Security Council recently passed a fourth round of sanctions on Iran. The US Treasury Department followed with more sanctions earlier this month and the European Union is designing its own package of sanctions. The congressional legislation is the latest effort.
It would allow the United States to penalise companies who contribute to Iran’s energy sector. It would also require any company contracted by the US government to certify it is not doing business with the Iranian government or risk losing contracts. The legislation provides the president with the power to enact a waiver on the sanctions for a 12-month period.
- New Iran sanctions not to disrupt oil markets: US - Feb 03, 2012
- US slaps new sanctions on Iran - May 22, 2012
- Clinton visit: India to juggle ties with US, Iran - May 05, 2012
- Iran still undecided on nuclear bomb: US intelligence chief - Feb 01, 2012
- WSJ: U.S. military seeks more powerful bomb against Iran - Jan 28, 2012
- EU imposes new sanctions on 180 Iranian firms - Dec 02, 2011
- India's growing economy gives good opportunity to boost ties: Iran - Mar 11, 2012
- Obama to sign new sanctions bill against Iran - Jul 01, 2010
- US targets bank, petro firms in new Iran sanctions - Jun 17, 2010
- Iran not to retreat an iota from its rights - May 12, 2012
- India won't reduce oil imports from Iran: Mukherjee - Jan 30, 2012
- Israeli minister demands air, sea blockade on Iran - Mar 06, 2012
- Enough global oil to sideline Iran: Obama - Mar 31, 2012
- Iran seeking to build nuclear weapon: Cameron - Mar 07, 2012
- Amid sanctions, Indian business delegation heads to Iran - Mar 09, 2012
Tags: barack obama, congressional legislation, doing business, dpa, energy sector, european union, iran sanctions, iranian government, islamic state, nuclear weapons, sanctions on iran, security council resolutions, tehran, treasury department, un security council, un security council resolutions, uranium enrichment, us government, us treasury department, western allies