Iran General NewsBush extends Iranian asset freeze

Bush extends Iranian asset freeze

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AFP: President George W. Bush on Friday extended by one year a freeze of Iranian government assets in the United States that has been in place since the 1979 Islamic revolution, the White House said. WASHINGTON (AFP) — President George W. Bush on Friday extended by one year a freeze of Iranian government assets in the United States that has been in place since the 1979 Islamic revolution, the White House said.

The measure was ordered by then president Jimmy Carter on November 14, 1979, 10 days after Islamist militants took over the US embassy in Tehran where they eventually held about 60 hostages for 444 days.

The crisis led to the end of US-Iranian diplomatic relations in 1980.

The asset freeze, which has been renewed every year, is a source of resentment in Iran.

Washington has since reinforced a sanctions regime on the Islamic republic that has hurt the Iranian economy.

The United States is also pushing for UN sanctions to punish Iran for its refusal to halt sensitive nuclear work that Washington fears would be used to build an atomic bomb. Tehran insists its nuclear program is peaceful and aimed at generating electricity.

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