The Obama administration has imposed sanctions on Iran’s currency for the first time, saying it wanted to make the rial “unusable outside Iran,” in an attempt to further ratchet up the pressure on the Islamic Republic over its nuclear ambitions.
The new measures – the ninth set of sanctions the Obama administration has imposed – also include wide-ranging prohibitions on operating in Iran’s autos sector. They come less than two weeks before Iran holds presidential elections.
“These are significant new sanctions,” said Cliff Kupchan, an Iran analyst for the Eurasia Group, the political risk consultancy. “They’re not on the magnitude of an oil embargo, but they will further rattle Iran’s troubled economy.” Read More