The United States has been aiming to thwart Iran’s nuclear program and intends to cut Iran from any financial transactions of international level. A report released by the United Nations Atomic Energy Agency said that the sanctions imposed on Iran do not stop it from further nuclear works.
In response to this the Obama government declared that the entire financial sectors in Iran including the central bank are involved in laundering of money. Resultantly it let out the anti-terrorism USA Patriot Act that targets financing of Iran directly as well as indirectly.
In a Press Conference in Washington, Timothy F. Geithner said that any institution that engages in any sort of transactions with the Iran banking system will be at t risk of supporting Iran's illicit activities: its pursuit of nuclear weapons, its support for terrorism. Financial institutions around the world should think hard about the risks of doing business with Iran."
Michael Wittner, the head at Societe Generale SA in New York for oil-market research said, "There are new sanctions on Iran and rioters back on the streets of Cairo reminding us of the geopolitical risks that impact this market.”
The US has further imposed sanctions on companies that would supply any sort of goods and services to oil and gas industries in Iran. It has further prevented Iran from obtaining financial and technical aid from outside companies.
President Obama’s national security advisor said, "We have succeeded in slowing its nuclear program, the international community has the time, space and means to affect the calculus of Iran's leaders."
The US administration further tightened sanctions ruling out any aid to Iran in order to help it develop its petroleum resources, that might accrue to a $1 million value or any such deals that might amount to $5 million over a period of one year, said the Treasury Department.
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