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US tightens sanctions on Iran, China expects progress in talks

News   •   Feb 07, 2013 11:08 GMT

The United States on Wednesday tightened sanctions on Iran in an effort to coerce Tehran into abandoning its perceived nuclear weapons development program. The measures further restrict Iran's access to revenues paid to it for its crude oil by large consumers such as China and India.

The measures come into force as part of a bill passed in the US Congress six months ago. "In addition to effectively 'locking up' Iranian oil revenue overseas, this provision sharply restricts Iran's use of this revenue for bilateral trade and severely limits Iran's ability to move funds across jurisdictions," the US Department of the Treasury said in a statement.

The BBC states that any money Iran now makes from the sale of oil to nine countries currently granted American waivers, including China, India and Turkey, must now be credited to an account in those countries and not repatriated to Iran. This money can thus only be used to buy goods from those countries.

David Cohen, US Treasury under secretary for terrorism and financial intelligence, said, "Our policy is clear: so long as Iran continues to fail to address the concerns of the international community about its nuclear program, the US will impose tighter sanctions and intensify the economic pressure against the Iranian regime."

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