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July 31st, 2012
06:22 PM ET

U.S. announces new Iran sanctions

There are new sanctions on Iran. The president signing an executive order that imposes sanctions against Iran's oil and energy sectors. Those will help keep Iran from getting around existing sanctions.

The Treasury Department, meanwhile, has imposed sanctions on a Chinese bank and Iraqi bank for helping iranian banks with transactions that are subject to sanctions.

CLICK HERE Iran sanctions to learn more about how Iran evades sanctions, we broke down how companies like Samsung legally do business in Iran.

New Iran sanctions hit banks in China, Iraq

President Barack Obama on Tuesday announced new U.S. sanctions targeting Iran's oil industry as well as banks in China and Iraq, warning that Tehran faces "growing consequences" for refusing to answer international questions about its nuclear program.

Obama said China's Bank of Kunlun and the Elaf Islamic Bank in Iraq "facilitated transactions worth millions of dollars" for Iranian banks already under sanctions.

"By cutting off these financial institutions from the United States, 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," Obama said in a statement issued by the White House.

"Since taking office, we have presented the Iranian government with a clear choice: come in line with your international obligations and rejoin the community of nations, or face growing consequences."

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Filed under: Frontlines • Iran
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