According to an ABC report, the decision comes amid growing concerns that the Islamic Republic is pursuing nuclear weapons, despite its adamant denials.
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US officials said that the new set of sanctions aims to target Iran’s nuclear sector, as well as "plug key gaps" that have allowed Iran to circumvent existing sanctions on its energy and financial sectors.
The United Kingdom and Canada are also expected to announce unilateral measures meant to sever all Iranian ties to their economies.
UK Premier Cameron and US President Obama (Photo: AFP)
The European Union is expected to announce its own set of sanctions in early December.
The US State Department plans to impose new sanctions on Iran’s petrochemical industry – with aim of discouraging foreign companies from investing in that industry.
Correspondingly, the US Treasury is expected to announce that it has found the Iranian financial system a "jurisdiction of primary money laundering concern”; which will require American banks to exercise extra vigilance in their dealings with foreign accounts, and especially in making sure they are not indirectly dealing with Iran.
According to Washington officials, the measure stands to have "a cascading effect," on foreign financial institutions, making them even more reluctant to do business with Iran.
According to ABC, the US is also set to designate additional Iranian entities for their role in Iran’s nuclear program, making them "undesirable business partners" for foreign investors.
Despite growing pressures to impose truly disabling sanctions on Tehran, it seems that Iran's Central Bank – as well as on Iran’s oil and gas sector – will be once again excluded from the current measures.
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