US Slaps Broad New Sanctions on Iran

Click here: AP -US Slaps Broad New Sanctions on Iran

The Bush administration imposed sweeping new sanctions against Iran Thursday — the harshest in nearly three decades — cutting off key Iranian military and banking institutions from the American financial system for Tehran’s alleged support for terrorism and nuclear weapons ambitions.

In the broadest U.S. unilateral penalties on Iran since the takeover of the U.S. Embassy in 1979, the administration slapped sanctions on Iran’s Revolutionary Guard Corps, a main unit of its defense ministry, three of its largest banks and eight people that it said are engaged in missile trade and back extremist groups throughout the Middle East.”In no way, shape of form does it anticipate the use of force,” said Nicholas Burns, the State Department’s No. 3 diplomat.

…The Revolutionary Guard Corps and its Ministry of Defense and Armed Forces Logistics — also known as IRCG — is the largest component of iran’s military. It was designated as a proliferator of ballistic missile technology. The defense ministry entity is the parent organization for Iran’s aerospace and ballistic missile operations….State-owned banks Bank Melli, Bank Mellat and Bank Saderat were named supporters of global terrorist groups for their activities in Afghanistan, Iraq and the Middle East. Along with Bank Sepah, which was already under U.S. and U.N. sanctions, the institutions account for more than 50 percent of Iran’s banking sector, Treasury officials said.

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