In pursuit of its goal to debilitate Iran’s oil exporting economy,
the US government on 2 August 2012 announced to impose some fresh
sanctions on Iran. Sanctions, imposed under Comprehensive Iran
Sanctions, Accountability, and Divestment Act of 2010 (CISADA), put
punitive regulation on those who continued to maintain ties with Iran.
Under the sanction Bank of Kunlun in China and Elaf Islamic Bank in Iraq faced cut off from transactions with US institutions. The two banks were punished for facilitating transactions worth millions of dollars on behalf of sanctioned Iranian banks. The new sanctions categorically target the Iranian energy and petrochemical sectors.
The sanctions are aimed at preventing Iran from establishing payment mechanisms for the purchase of Iranian oil to circumvent existing sanctions, and utilises the existing structure of our sanctions law, including exceptions for significant reductions in the purchase of Iranian oil.
Earlier this year India, China and a host of other nations had opposed US’ dictate to cut down their oil imports from Iran. US and European Union have come down heavily on Iran’s nuclear programme seeking all possible diplomatic methods to stop the belligerent nation to carry on its nuclear programme. Though the heavy sanctions imposed by the US and EU over Iran have not yielded them the desired result as Iran has thus far not gave up its plan to build nuclear armaments.
Under the sanction Bank of Kunlun in China and Elaf Islamic Bank in Iraq faced cut off from transactions with US institutions. The two banks were punished for facilitating transactions worth millions of dollars on behalf of sanctioned Iranian banks. The new sanctions categorically target the Iranian energy and petrochemical sectors.
The sanctions are aimed at preventing Iran from establishing payment mechanisms for the purchase of Iranian oil to circumvent existing sanctions, and utilises the existing structure of our sanctions law, including exceptions for significant reductions in the purchase of Iranian oil.
Earlier this year India, China and a host of other nations had opposed US’ dictate to cut down their oil imports from Iran. US and European Union have come down heavily on Iran’s nuclear programme seeking all possible diplomatic methods to stop the belligerent nation to carry on its nuclear programme. Though the heavy sanctions imposed by the US and EU over Iran have not yielded them the desired result as Iran has thus far not gave up its plan to build nuclear armaments.
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