US slapped sanction on Iran's currency for the First Time

Jun 4, 2013 16:27 IST

The US in the Month of June 2013 has slapped new sanctions on Iran directed toward the devalued currency of the nation and its automobile industry.

It is for the first time that the US has directly targeted the Iranian currency as the sanctions include penalties on making possible the significant transactions in the rial or holding significant amounts of the currency outside Iran.

The sanction is counted as the ninth set of sanctions imposed against Iran by the Obama administration.  It is worth mentioning here that the rial has lost half of its value since the beginning of 2012 as a result of our comprehensive sanctions.

Earlier in the last week of May 2013 US had blacklisted companies in Iran's petrochemical industry for the first time and issued sanctions against more than 50 Iranian officials for their efforts to suppress political dissent in Iran.

The executive order also empower the imposition of new sanctions against those who intentionally engage in major financial or other transactions for the sale, supply, or transfer to Iran of significant goods or services used in connection with Iran's automotive sector. Similar sanctions were earlier imposed on Iran's shipping, shipbuilding, and energy sectors.

It is anticipated that the United States will prevent Iran from acquiring a nuclear weapon. The West had accuses Iran of secretly pursuing nuclear weapons programme, which in turn denied by Tehran by asserting that its atomic programme is for peaceful use of nuclear energy.

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