USA plans to impose fresh sanctions against Iran's petrochemical industry

21-Nov-11

The UN nuclear regulator IAEA has detailed evidence that the Iranian regime is developing technology needed to build a nuclear weapon. This news has triggered plans by the US to impose additional sanctions against Iran's petrochemical industry. The existing sanctions by US against Iran prohibit American companies from doing business with Iran. As per CNN, the new measures aim to block foreign companies from doing business with Iran's petrochemical industry by threatening them with being banned from U.S. markets. European nations are expected to announce similar measures when the European Union leaders meet next week. Iran insists its nuclear program is peaceful and has called the U.N. watchdog's report "unbalanced" and "politically motivated."