Iran Nuclear NewsObama lauds Iran oil embargo as US turns the...

Obama lauds Iran oil embargo as US turns the screw

-

AFP: US President Barack Obama tightened the noose on Iran’s battered banking system Tuesday and lauded an EU move to choke Tehran’s oil exports, amid evidence that sanctions are beginning to bite.

By Andrew Beatty

WASHINGTON (AFP) — US President Barack Obama tightened the noose on Iran’s battered banking system Tuesday and lauded an EU move to choke Tehran’s oil exports, amid evidence that sanctions are beginning to bite.

The administration named Bank Tejarat as the target of fresh sanctions — severing one of the few tendons that link Iran’s state-backed banks to the Western financial system.

Bank Tejarat had been one of the few state-backed financial houses not subject to sanctions, providing a possible route for cash to make its way back to the country.

But that ended amid allegations it aided Iran’s weapons programs by moving tens of millions of dollars for the purchase of uranium.

The bank, Iran’s third largest, is said to have around 2,000 branches in Iran and foreign offices in France and Tajikistan.

The US announcement came just hours after European Union member states slapped an embargo on Iranian oil, a substantial blow for the energy-dependant Iranian government.

“I applaud today’s actions by our partners in the European Union,” Obama said.

“These sanctions demonstrate once more the unity of the international community in addressing the serious threat presented by Iran’s nuclear program.

“We will continue to increase the pressure unless Iran acts to change course and comply with its international obligations.

Iran denies that its nuclear program is for military purposes.

The sanctions could not come at a worse time from the government of Mahmoud Ahmadinejad, as it struggles to right an economy mired by high unemployment and poverty levels.

The Iranian currency, the rial, tumbled to a record low against the dollar on Monday, after several months of steady declines.

According to one senior Treasury official, the Iranian currency has lost over 70 percent of its value against the dollar since autumn.

“Iran’s leadership appears to be desperately trying to prop up the value of the rial; in recent weeks the government has tried to ban the sale of Western currency,” said the official, who asked not to be named.

“(Iran) reportedly has restricted citizens’ ability to communicate by blocking text messages with the word euro or dollar. Plainclothes police officers are reportedly patrolling the currency exchanges to enforce currency restrictions and arrest violators.”

A sudden acceleration in the value of the rial was seen after Obama, in December, signed into law more sanctions hitting Iran’s central bank and targeting foreign firms which do business with the Islamic republic.

Oil prices rose modestly Monday after the EU embargo was announced.

New York’s main contract gained $1.25 to $99.58 a barrel.

In London the price climbed 72 cents to $110.58 a barrel.

 

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Glencore traded with Iranian supplier to nuclear weapon’s programme

The Guardian: One of Britain's biggest companies has made...

North Korea and Iran

Washington Times - Editorial - North Korea's claim to...

You might also likeRELATED
Recommended to you