Obama targets petrol exports in Iran sanctions bill

WASHINGTON: President Barack Obama has signed a bill imposing tough new sanctions against Iran over its alleged nuclear weapons programme.

The bill Obama signed yesterday targets exports of petrol and other refined petroleum products to Iran. It bans US banks from doing business with foreign banks providing services to Iran's Revolutionary Guard.

The Administration hopes the new unilateral sanctions, combined with ones approved last month in the United Nations Security Council, will yield results even though previous regimens failed to halt Iran's activities that could lead to nuclear weapons development. The UN sanctions target the Revolutionary Guard, ballistic missiles and nuclear-related investments.

As politicians looked on, Obama called the new law the "toughest sanctions against Iran ever passed by the United States Congress". But he said he had not sought the outcome, contending it was chosen by an Iranian Government which for years has defied UN resolutions and forged ahead with its nuclear programmes while supporting terrorist groups and suppressing the Iranian people.

- AP