Obama's Latest Iran Sanctions Target Currency, Auto Sector

Law360, New York (June 3, 2013, 7:41 PM EDT) -- President Barack Obama on Monday approved new sanctions targeting Iran's currency and automotive sector in a move to further isolate the nation and prevent it from acquiring a nuclear weapon, the White House said.

Iran's rial has already lost half of its value since 2012 as a result of other U.S. sanctions, but this is the first time that the currency has been directly targeted for sanctions, the White House said. The sanctions will hit foreign financial institutions that deal in the rial and will also...
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