Obama orders new economic sanctions on Iran

The White House says the US is levying new sanctions on Iran to ramp up the pressure on Tehran over its nuclear program. President Barack Obama signed an executive order aimed at eroding Iran's economy.

The new sanctions prohibit the purchase, possession or sale of Iran's currency. The sanctions also seek to undermine Iran's automotive industry by blacklisting sale of goods or services used to make cars or trucks in Iran. Obama's executive order also applies sanctions to anyone who provides material support to Iranians whom the US government has blacklisted, with certain exceptions. (AP)