The Obama Administration today unveiled a new series of unilateral sanctions against Iran, announcing that it was adding several companies, including banks and insurance companies, and a grain shipping company, to the “blocked” list.
Treasury Secretary Timothy Geithner insisted that the sanctions were vital to “deter other governments and foreign financial institutions from… supporting Iran’s illicit activities.”
These unilateral sanctions are completely independent from the sanctions announced by the UN Security Council last week, and are also separate from a series of sanctions working its way through Congress, though there appears to be some overlap with the latter.
The European Union is also expected to announce another series of sanctions of their own next week, and most agree that further sanctions from both sides are likely in the future.
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