U.S. Imposes New Sanctions on Iran
U.S. President Barack Obama has announced fresh economic sanctions against Iran to pressure the country to come clean about its nuclear intentions.
In a statement released Tuesday, Obama said the existing sanctions on Iran's oil industry had been expanded to include tradings of Iranian petrochemical products.
Certain banks were also targeted, specifically the Bank of Kunlun in China and Elaf Islamic Bank in Iraq for allegedly enabling multi-million dollar transactions for sanctioned Iranian banks.
The announcement comes as international concerns grow over Iran's nuclear program, which Tehran insists is strictly peaceful in nature.
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