By Jamie Crawford
The United States imposed new sanctions on Iran on Friday in an effort to further squeeze its crippled economy and pressure Tehran into curbing its nuclear ambitions.
The latest Treasury Department action targets the petrochemical industry, Iran's second-highest source of revenue after oil production, which is also under sanctions.
Treasury targeted eight companies under the authority of an executive order signed by President Barack Obama last year to stem the flow of money that can be diverted to Iran's nuclear program.
Western powers believe Iran is aiming to develop a nuclear weapon. Iran says its intentions are peaceful.
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By Jamie Crawford
The U.S. Treasury Department on Thursday detailed what it called an "intricate Iranian scheme" helped by a Greek shipping magnate in an effort to avoid oil export sanctions.
Dimitris Cambis established a network of front companies to purchase multiple oil tankers in an elaborate scheme to disguise the origin of Iranian oil, the Treasury Department said.
"Today we are lifting the veil on an intricate Iranian scheme that was designed to evade international oil sanctions," David S. Cohen, Treasury under secretary for terrorism and financial intelligence, said in a written statement. "We will continue to expose deceptive Iranian practices, and to sanction those individuals and entities who participate in these schemes."
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By Adam Levine
Severe sanctions against Iran are not working, the top U.S. commander in the Middle East says.
Gen. James Mattis of Central Command made the statement at a Senate Armed Services Committee hearing on Tuesday.
"In your professional opinion, are the current diplomatic and economic efforts to stop Iran from obtaining nuclear weapons capability - are they working?" Sen. James Inhofe, an Oklahoma Republican, asked.
"No, sir," Mattis replied.
Mattis later told Sen. Lindsey Graham, a South Carolina Republican, that Iran's "nuclear industry continues."
"I think we have to continue sanctions, but have other options ready," Mattis replied.
Mattis said Iran might be able to be swayed by "a purely cost-benefit ratio." FULL POST
By Jamie Crawford
The U.S. Treasury alerted global financial firms on Thursday to watch out for any attempts by Iran to evade economic sanctions as they get tougher.
"The practices involve the use of third-country exchange houses or trading companies that are acting as money transmitters to process funds transfers through the United States in support of business with Iran," that are not exempted or authorized, the Office of Foreign Assets Control said in an advisory.
Adam Szubin, the OFAC director, told reporters the trend is not limited to any one country.
But he said the tactic showed the steps Iran is taking to access foreign currency reserves after most of the large banks it dealt with in the past have been blacklisted by ongoing sanctions aimed at bringing it to the negotiating table over its disputed nuclear program.
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By Jamie Crawford
The United States on Friday announced the easing of restrictions on imports of most goods from Myanmar, just a day before President Obama leaves on a trip that includes a stop in the former pariah state.
The lifting of the ban, which had been in place for nearly a decade, was made in response to ongoing reforms taken by the government of the country also known as Burma.
"Today's joint actions by the Departments of State and Treasury are intended to support the Burmese government's ongoing reform efforts and to encourage further change, as well as to offer new opportunities for Burmese and American businesses," the departments said in a statement.
The United States already has eased restrictions on U.S. investment in Myanmar, and resumed normal diplomatic relations with the Southeast Asia nation.
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By Jennifer Rizzo
An all-out U.S. war with Iran, including an invasion by American troops, would cost the global economy close to $2 trillion in the first three months and could go as high as $3 trillion, according to a Washington think tank.
A full-scale ground operation to dismantle Iran's nuclear program is unlikely but the scenario is just one of a handful that a group of nine experts, assembled by the Federation of American Scientists, examined to explore how the global economy would be impacted by U.S. action against Iran.
"There had been talks about oil spikes, about what would happen with the Iranian nuclear program, damage to Iran itself but there had been no, at least in the open sources, large-scale looks at what was going to happen globally," said Charles Blair who co-authored the report.
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By Jamie Crawford
The United States sanctioned 17 Iranian individuals and entities for their alleged roles in the Iranian government's human rights abuses and support of terrorism, the Treasury and State departments announced Thursday.
The actions were carried out under the authority of three separate executive orders that had already been put into effect.
In the first set of sanctions, the United States targeted four Iranian individuals and five entities for their roles in censoring or blocking citizen access to the internet and international media - including the jamming of international satellite broadcasts.
Among those targeted is Ali Fazli, deputy commander of the Basij militia, who participated in the brutal crackdown of civilian protestors in the aftermath of the disputed 2009 Iranian presidential election.
By Jamie Crawford
A sharp drop on Monday in the value of Iran's currency shows that international financial pressure over Iran's disputed nuclear program is having an impact, the State Department said.
"The currency is plummeting and firms all over the world are refusing to do business with Iranian companies," agency spokeswoman Victoria Nuland told reporters.
"So this speaks to the fact that we have said these are the most punishing sanctions we have ever been able to amass as an international community, and they are very important for trying to get Iran's attention on the important denuclearization work."
Iran's currency, the rial, plummeted to historic lows against the value of the dollar in open-market trading on Monday.
It has been in a distressed state since U.S. and European sanctions began to take hold earlier this year.
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Iran's economy is supposed to be in a stranglehold from international sanctions, but U.S. officials say Tehran still has access to the international banking system – thanks to Iraq. The U.S. government is looking to the government of Iraqi Prime Minister Nouri al-Maliki to help stop any sanctions busting. Jill Dougherty reports.
By Jamie Crawford
The United States lifted sanctions Tuesday against Riyad Hijab, the Syrian prime minister who recently defected from the regime of Bashar al-Assad and fled to neighboring Jordan.
The Treasury Department said that Hijab's ties to the Assad regime are severed, so he is no longer a senior official in the Syrian government and his name will be removed from the Treasury's list of people whose assets are frozen.
"Recent civilian and military defections from the Assad regime are further indications that the government is crumbling and losing its grip on power," David S. Cohen, the Treasury's under secretary for terrorism and financial intelligence, said in a written statement announcing the action. "The United States encourages other officials within the Syrian government, in both the political and military ranks, to take similarly courageous steps to reject the Assad regime and stand with the Syrian people."
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