New measures announced by USA, Canada, Britain to increase economic pressures against Iran

22-Nov-11

New measures have been announced by USA, Canada and Britain to increase economic pressures against Iran as international concerns grow in context to nuclear weapon development there. The International Atomic Energy Agency released a report citing intelligence about Iranian efforts to develop technology needed to build nuclear weapons. US companies and individuals are already barred from doing business with Iran. USA will impose sanctions on goods and services used by Iran's oil and gas industry to discourage foreign companies from investing in the sector, and announced a worldwide diplomatic campaign to encourage countries to buy petrochemicals from other suppliers. As per US Treasury Secretary, Iran has been designated a territory of “primary money laundering concern.” This will send a warning that any transaction with Iranian banks could be supporting Iran's illegal activities. Further measures are being considered, including against Iran's Central Bank. Britain said it will stop business transactions with all banks in Iran, including Iran's Central Bank, the first time Britain has cut ties with the entire banking sector of a country. Canada announced it would block “virtually all transactions” with Iran, including those with its Central Bank, and will also ban exports to Iran of any goods used by Iran's petrochemical industry.