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Fresh US sanctions against Iran, targeting not only the country’s oil industry but also foreign banks have sparked a furore. China warned Washington of a worsening in Sino-American relations, while Iran said the penalties amounted to "military war."
The new set of sanctions is aimed at forcing Iran to end its supposed development of nuclear arms. The financial penalties will target the Chinese Kunlun bank and the Iraqi Elaf Islamic bank as they have participated in million dollar transactions with Iranian banks and are as such subject to sanctions.
"Today's action makes it clear that we will expose any financial institution, no matter where they are located, that allows the increasingly desperate Iranian regime to retain access to the international financial system," President Obama said in a statement.
Additionally, Obama ratcheted up the sanctions on Iran’s energy and petrochemical industries, approving sanctions against any entity that tries to purchase Iranian oil from the National Iranian Oil Co. and the Naftiran Intertrade Co.
Furthermore, Congress has agreed on a final sanctions package that will crack down on institutions that ship or insure Iranian cargo. The Senate is expected to vote on the sanctions before the end of the week.
The new penalties sparked a sharp reaction from China who said the US sanctioning of their banks would lead to a worsening of bilateral corporation between the two countries.
"The U.S. has invoked domestic law to impose sanctions on a Chinese financial institution, and this is a serious violation of international rules that harms Chinese interests," Chinese Foreign Ministry spokesman Qin Gang said in a statement.
Originally posted by Ben81
China banks are penalised by these new sanctions
of course they are pissed
but what will they do now ?
sanction the USA with russia and help Iran close the SOH ?
maybe and hope so .. karma can be a bitch but a fair one
Originally posted by Zaanny
Get your SPF 10,000 ready.
This *hits getting real.
America is hated around the globe.
The world would love to see us wiped off its face.
Well @ least it will be one hell of a firework show.
Originally posted by Biliverdin
If you go to the World Bank web site and do a search on Iranian power, you will find that for decades they were trying to get assistance to build hydro-power sites to meet their power needs. Over and over they tried to meet the recommendations set by the World bank and each time they were knocked back, only when they were left with no other options did they return to the abandoned nuclear power programmes started by Siemens in the early 1970s. The Iranians did not want nuclear, they were backed into a corner and left with no other option, and when they did revert to nuclear, they were suddenly offered help from Russia in order to do so. If they have nuclear weapons capability, then they have it because they were pushed to have it by the World Banks refusals to assist them towards clean energy sources, and energy sources that wouldn't provide any weapons grade by-product.