The latest sanctions against the Iran nuclear program target its oil and petrochemical industries. The US and France are also threatening more devastating measures against Iran's banks.
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The US announced new sanctions on Iran's oil and petrochemical industries and any against companies involved with nuclear procurement and enrichment. While stopping short of leveling sanctions on Iran's central bank, which serves as a clearinghouse for nearly all oil and gas payments in Iran, it sent a strong warning by declaring the country's banking system a center for money laundering, The Christian Science Monitor reports. If sanctions were to be placed on the central bank, it would force Iran's trade partners to choose between doing business with the Islamic Republic or the US.
French President Nicolas Sarkozy recommended to all world leaders that they freeze the assets of Iran's central bank, the Monitor reports. Britain and Canada cut ties completely with Iranian banks.
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