- India diplomat who touts women’s rights busted for $3 wage to nanny
- MSNBC host Ed Schultz paid $252K by unions in 2012-2013
- Korean War memorial ordered to take down Christian cross
- Billy Graham near death, ‘close to going home to be with the Lord’
- SeaTac, Wash.: City’s new $15 minimum wage heads to court
- Obama mulls support for Islamists in Syria, with conditions
- Obama ‘birther’ theories float, as Hawaii health director killed in crash
- U.S. drone faulted for killing 14 ‘innocent civilians’ at Yemen wedding
- GOP hopes taking shutdown off the table with budget deal will pay dividends
- Chinese Death Star: The moon cited as the perfect launch pad for ballistic missiles
New U.S. sanctions on Iran aim to head off Israel
“There has been a steady increase in our sanctions activity, and this is part of that escalation,” he said.
Iran is the world’s third-largest exporter of crude oil, giving its leaders financial resources and leverage to withstand outside pressure. Last year, Iran generated $100 billion in revenue from oil, up from $20 billion a decade ago, according to IHS CERA, an energy consulting firm.
If Iranian oil is prevented from getting to market, other suppliers could make up the difference. The U.S. has been pressuring other Middle East and African nations to step up production for sale to Europe. Saudi Arabia has said it could increase production to make up for any lost Iranian crude.
Iran‘s disputed nuclear program became a global concern more than five years ago when the extent of the country’s research and uranium enrichment began to be known. Since then a web of international economic and other sanctions have failed to stop Iran‘s progress toward a point that it could build one or more nuclear devices.
The White House previously has said it would take months to evaluate the likely effect on the fragile global economy before taking the next large steps, including new penalties on the central bank.
Now, U.S. institutions are required to seize any Iranian state assets they come across, rather than rejecting the transaction involved.
The value of Iranian assets affected by the new order was not clear. Iran does almost no direct business with the United States after three decades of enmity, but its money moves through the world financial system and its oil is sold in dollars.
By Mangosuthu Buthelezi
Memories of a long brotherhood tempered in common struggle
- House budget bargain faces Senate filibuster; Republicans line up to oppose
- Obama's Afghanistan experts stumped on U.S. death toll, war costs during hearing
- Obama birther theories float, as Hawaii health director killed in crash
- NAPOLITANO: A conspiracy so vast
- PRUDEN: The last living witnesses; they wore the yellow star and remember the Nazi terror
- Echoes of Cold War in Ukraine as Russia tries to rein in former Soviet satellites
- KEENE: James Clapper should resign for lying to Congress
- Kim Jong-un consolidating power or losing grip on North Korea's military
- Comma on!: Twitter erupts over Obama-Castro 'marriage'
- Broncos-Chargers game ends with several stabbings
Independent voices from the The Washington Times Communities
Consummate traveler Todd DeFeo explores the unique stories that make destinations worth going to.
Covering the world of soccer, including the World Cup, Major League Soccer, D.C. United and the English Premier League and other interesting sporting events.
Born in 1930 in rural Missouri, Charles Vandegriffe, Sr., brings his time and place to the Communities.
Columns from Voices around the World talking about the events, people, politics and social issues that concern us wherever, and whoever, we are.
Extraordinary day at Redskins Park
White House pets gone wild!
Let it snow