Obama to sign new Iran sanctions law on Thursday

The new US sanctions will target Iran`s energy and banking sectors.

Updated: Jul 01, 2010, 09:28 AM IST

Washington: US President Barack Obama will sign into law on Thursday tough new sanctions targeting Iran`s energy and banking sectors, the White House said on Wednesday.

The House of Representatives and the Senate approved a new sanctions bill last week that penalises companies supplying Iran with gasoline as well as international banks involved with Iran`s Islamic Revolutionary Guard Corps.

It comes after the United Nations Security Council passed a new resolution toughening sanctions on Iran over its refusal to stop enriching uranium.

Iran insists its nuclear program is for the peaceful generation of electricity but the United States and other powers suspect it is a cover to build and atomic bomb.

US lawmakers have been pushing the Obama administration for months to impose unilateral sanctions on Iran to pressure it into curbing its nuclear program.

Bureau Report