U.S. slaps new sanctions on Iran

The Bush administration has imposed broad new economic sanctions on Iran to pressure the regime to abandon its nuclear program.

What happened

The Bush administration has imposed broad new economic sanctions on Iran to pressure the regime to abandon its nuclear program. Secretary of State Condoleezza Rice said the sanctions were part of a comprehensive policy to confront the threatening behavior of the Iranians, including supporting terrorists in Iraq, Afghanistan, and Lebanon, and pursuing technologies that can lead to a nuclear weapon. Under an executive order issued by President Bush last week, it is now illegal for any U.S. citizen or company to do business with three state-owned Iranian banks or any entity connected to the Islamic Revolutionary Guard Corps, which controls a third of the Iranian economy through its holdings in oil and gas, manufacturing, and the media. The sanctions also freeze any assets these groups have in the U.S. Iran’s government scorned the sanctions and said they would have no effect. The hostile American policies, said a spokesman for Iran’s government, are doomed to failure. Under economic pressure from America and Western Europe, Iran has already shifted much of its business to Russia and China. In Tehran this week, Iranian officials and the International Atomic Energy Agency began a final round of talks on Iran’s nuclear program. Iran says it is only seeking peaceful nuclear technology. The IAEA report, due in mid-November, will assess whether the Iranians are enriching uranium to a degree appropriate only for power plants, or whether they’re producing a purer form of uranium that could be used in nuclear weapons. So far, said IAEA chief Mohamed ElBaradei, there is no evidence that Iran is working actively on a weapons program.

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