AP: The Obama administration sidestepped a congressional deadline Wednesday and an opportunity to unilaterally ratchet up economic pressure on Iran by punishing foreign firms that do business there.

Bloomberg: The cascade of U.S. and European sanctions imposed on Iran is crippling its ability to export oil and conduct trade, hitting the Gulf state’s economy and stoking internal dissent, sanctions specialists and U.S. officials say.

UPI: A military leader said the Iranian navy has the capability to cope with military intervention, which is feared to arise in reaction to Iran’s nuclear ambitions.

AFP: The UAE’s foreign minister made an unannounced visit to Iran on Wednesday for talks with his counterpart, state news agency IRNA reported.

AFP: The United States has powerful bombs at the ready in the case of possible military action against Iran and work is under way to bolster their firepower, the air force chief said Wednesday.

Reuters: The United States has targeted only one bank in the United Arab Emirates (UAE), Noor Islamic Bank, over its business dealings with Iran, a UAE official said on Wednesday.

Bloomberg: Iran has offered to provide 80,000 barrels of crude oil per day to neighboring Pakistan on three month payment terms, The News reported, citing Pakistan’s minister for petroleum and natural resources, Asim Hussain.

Bloomberg:Japan’s crude imports from Iran in January fell 22.5 percent from a year ago to 1.67 million kiloliters, according to data from the Ministry of Economy, Trade and Industry.

Reuters: Iran will take payment from its trading partners in gold instead of dollars, the Iranian state news agency IRNA quoted the central bank governor as saying on Tuesday.