Iran, Sanctions | featured news

The Senate on Friday resoundingly approved new sanctions on trade with Iran's energy, port, shipping and ship-building sectors, its latest effort to ratchet up economic pressure on Tehran over its nuclear program.

Iran said on Tuesday it would stop oil exports if pressure from Western sanctions got any tighter and it had a “Plan B” contingency strategy to survive without oil revenues.

...U.S. officials say the list sends a clear warning to Iran's suppliers that the net is closing. But Frosch's ability to continue selling sensitive equipment and evade prosecution also is a cautionary tale about gaps in the U.S.-led sanctions campaign, which has sent Iran's economy into a tailspin but has yet to persuade its leaders to curb their nuclear program.

Congress is pressing ahead with a new package of crippling sanctions on Iran, expanding on financial penalties and targeting Tehran's energy and shipping sectors in the hope that economic pressure undercuts its suspected nuclear weapons program....

Obscure private firms are offering Iranian crude oil at steep discounts to European oil traders as Tehran seeks ways to restore oil export flows hit by Western sanctions.

The United Arab Emirates opens and begins operating a key overland pipeline which bypasses the Strait of Hormuz, controlled by Iran. Iran has repeatedly threatened to close the strait at the mouth of the Gulf, a vital oil-trade route.

Iran's Oil Minister says his office has drawn up plans to make newly tightened sanctions against the Islamic Republic ineffective.

Iran has reached agreements with European refiners to sell some of its oil through a private consortium, an official said on Saturday, a move designed to circumvent sanctions intended to put pressure on Tehran to halt its disputed nuclear program.

Iran's President Mahmoud Ahmadinejad said Tuesday the latest EU sanctions on the sale of Iranian oil are "the strongest" measures yet imposed on the country.

President Barack Obama appealed to Benjamin Netanyahu on Monday to give sanctions time to curb Iran's nuclear ambitions, but the Israeli prime minister offered no sign of backing away from possible military action, saying his country must be the "master of its fate."