New US sanctions on Iran`s state-owned oil company

Last Updated: Tuesday, September 25, 2012 - 12:07

Washington: The Obama administration is imposing new sanctions on Iran`s state-owned oil company because of its links to the country`s hard-line Revolutionary Guard corps.
The Treasury Department`s designation comes on top of existing US sanctions on the National Iranian Oil Co. Governments may still import oil from Iran without the threat of American financial penalties if they are granted exemptions by the Obama administration.

Today`s action was praised by Democratic Rep Howard Berman. He said transactions with the National Iranian Oil Co. "directly support" the Revolutionary Guard`s role in Iran`s disputed nuclear development programme and its fomenting of international terrorism.

PTI



First Published: Tuesday, September 25, 2012 - 12:07

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