The Hindu : Front Page : U.S. slaps new sanctions on Iran

Online edition of India's National Newspaper
Friday, Oct 26, 2007
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U.S. slaps new sanctions on Iran

Key military, banking institutions cut off from U.S. financial system

WASHINGTON: The United States imposed sweeping new sanctions on Iran on Thursday — the harshest in nearly three decades — cutting off key Iranian military and banking institutions from the American financial system for Tehran’s alleged support to terrorism and nuclear weapons ambitions.

In the broadest unilateral U.S. penalties on Iran since the takeover of the American Embassy in 1979, the administration slapped sanctions on Iran’s Revolutionary Guard Corps, a main unit of its defence ministry, three of its largest banks and eight people. The U.S. said they were engaged in missile trade and backing extremist groups throughout the Middle East.

Secretary of State Condoleezza Rice and Treasury Secretary Henry Paulson said the moves would further isolate the Islamic republic’s government by distancing it from the international economy and discouraging its trading partners from continuing to do business with it.

At the same time, they stressed that offers for negotiations with Iran over its nuclear programme remained on the table and that the sanctions were not a sign of imminent military action.

The U.S. officials insist — over Iranian denials — that the nuclear programme is a cover for weapons development.

“Unfortunately, the Iranian government continues to spurn our offer of open negotiations, instead threatening peace and security,” through its nuclear programme, production and export of ballistic missiles and backing for Shi’ite insurgents in Iraq, the Taliban in Afghanistan, the Hezbollah in Lebanon and the Hamas in Gaza, Ms. Rice said.

Putin assails move

Russian President Vladimir Putin said stronger international sanctions would make the Iranian situation more difficult to handle.

Speaking in Lisbon, Portugal, Mr. Putin said, “Why worsen the situation by threatening sanctions and bring it to a dead-end? It’s not the best way to resolve the situation by running around like a madman with a razor blade in his hand.” — AP

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