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Obama tightens penalties around Iran, Syria

Obama tightens penalties around Iran, Syria

President Barack Obama is tightening penalties on foreign entities and individuals who try to evade sanctions on Iran and Syria.
Obama authorized the penalties in an executive order signed Tuesday. The administration says he took the step in response to efforts by the Iranian and Syrian governments to avoid the consequences of U.S.-mandated sanctions.
The executive order gives the Treasury Department the capability to publicly identify foreign individuals and entities that have engaged in these evasive activities. The new penalties will also bar them from accessing the U.S. financial and commercial systems.
The administration says that as the U.S. and other countries have increased sanctions pressures on Iran and Syria, both countries have sought to use non-bank financial institutions and other alternative methods to transmit funds and make payments.


Updated : 2021-07-30 16:52 GMT+08:00