Obama imposes tough sanctions on Iran
US President Barack Obama has slapped new tough sanctions agains Iran targetting its energy and petrochemical sectors, which he said are part of efforts to isolate the Iranian Government for its failure to meet its international obligations over its nuclear programme.
Obama said he has approved a new executive order that imposes new sanctions against the Iranian energy and petrochemical sectors.
"This action is designed to deter Iran from establishing payment mechanisms for the purchase of Iranian oil to circumvent existing sanctions, and utilises the existing structure of our sanctions law, including exceptions for significant reductions in the purchase of Iranian oil," he said in a statement.
Additionally, existing sanctions on Iran's petrochemical industry are expanded by making sanctionable the purchase or acquisition of Iranian oil, he added.