Nuclear Disarmament, Iran Sanctions | featured news

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....

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.

U.S. President Barack Obama said on Friday he has determined there is enough oil in the world market to allow countries to cut imports from Iran, allowing Washington to begin sanctioning countries that continue to buy Iranian oil.

The United States exempted Japan and 10 EU nations from financial sanctions because they have significantly cut purchases of Iranian crude oil, but left Iran's top customers China and India exposed to the possibility of such steps.

The body that handles global banking transactions says it will cut Iran's banks out of the system on Saturday to enforce EU sanctions.

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."

Japan is in final talks with Washington on an agreement on cuts in Iranian crude oil imports that could amount to more than 20 percent a year, the Nikkei business daily reported on Thursday, as Tokyo seeks to win waivers from U.S. sanctions.

China said on Friday it would send a senior official to Tehran to discuss Iran's nuclear standoff with the West, and India indicated it would also weigh in, as Asia's two giants seek to head off new sanctions already playing havoc with trade.