Image via WikipediaThe new bill imposes sanctions on financial institutions dealing with Iran’s central bank, while allowing for exemptions to avoid upsetting energy markets.
The measures, meant to punish Tehran for its controversial nuclear activities, were contained in a $662 billion defense bill.
The measures, meant to punish Tehran for its controversial nuclear activities, were contained in a $662 billion defense bill.
In a statement accompanying his signature to the $662bn bill, Obama said that he was signing it despite having “serious reservations” about the provisions relating to terrorism, contending that politicians in the US congress were attempting to restrict the ability of counterterrorism officials to protect the country.
The sanctions require foreign companies to make a choice between doing business with Iran’s oil and financial sectors and central bank, or the U.S. financial sector.
The sanctions target both private and government-controlled banks – including central banks – and would take hold after a two- to six-month warning period, depending on the transactions, a senior Obama administration official said.
In the meantime, Iran backs off threat to close Strait of Hormuz.
A commander of Iran’s Revolutionary Guard said on Sunday, talk of blocking the strategic oil route through the Strait of Hormuz is a discussion of the past.
However, he said that Iran had other, unspecified strategies for reacting to any Western aggression.
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