US Orders New Sanctions Against Iran
WASHINGTON—President Barack Obama has ordered new sanctions against two banks that have helped circumvent penalties related to the purchase of Iran's oil, further tightening the screws on the Middle Eastern country over its nuclear program.
Mr. Obama said Tuesday the U.S. Treasury Department imposed sanctions on Bank of Kunlun in China and Elaf Islamic Bank in Iraq for facilitating transactions worth millions of dollars on behalf of Iranian banks.
"Today, the United States is announcing two significant steps that strengthen our efforts to pressure and isolate the Iranian government for its continued failure to meet its international obligations," Mr. Obama said in a statement released by the White House.
Continue reading at The Wall Street Journal