WASHINGTON (AP) — The Obama administration is announcing new sanctions on Iran’s energy and financial sectors to pressure Tehran to halt its suspected nuclear weapons program.
The U.S. sanctions target Iran’s oil and petrochemicals industry and Iranian companies involved in nuclear procurement. The U.S. is declaring Iran’s banking system a center for money laundering, without initiating new punishment against it. Treasury Secretary Timothy Geithner (GYT’-nur) says the label is a stern warning to financial institutions around the world to think twice before doing business with Iran.
Secretary of State Hillary Rodham Clinton says Iran continues to flout international requirements related to its disputed nuclear program. Iran claims its program is peaceful. Clinton points to a U.N. report that suggests continued development of nuclear weapons.
Britain and Canada also took action Monday.