Sanctions target holdings
of
Iranian military, firms
The Bush
administration’s new sanctions against Iran will cut off more than 20
Iranian entities from the American financial system and are expected to
affect the entire international banking community.
Iranians shop at Tehran's main Bazaar in Iran Thursday. Markets like this will feel the pinch of the American government's sanctions. (AP Photo/Vahid Salemi)
Secretary of State Condoleezza Rice said the steps the Bush
administration is taking against the Revolutionary Guard Corps and a
number of banks are designed, among other things, to punish Tehran for
its support of terrorist organizations in Iraq and the Middle East.
Rice said the moves were in response to "a comprehensive policy to
confront the threatening behavior of the Iranians," although she also
said that Washington remains open to "a diplomatic solution."
The designations also put companies outside the United States on notice
that doing business with the designated groups could present problems.
"It is increasingly likely that if you are doing business with Iran you
are doing business with the IRGC," Treasury Secretary Henry Paulson
said, referring to Iran's Revolutionary Guard Corps. "It's simply not
worth the risk."
The unilateral sanctions are believed to be the first of their type
taken by the United States specifically against the armed forces of
another government. The United States hopes the measures will ratchet up
pressure on Iran to negotiate.
Produced by Washington and Lee journalism students.
Lead supervisor: Prof. Brian Richardson
Reporting supervisors:
Technical supervisor: Michael Todd