New US sanctions target Iran’s currency
The United States has announced additional sanctions on Iran, targeting its currency and car industry, stepping up pressure over Tehran's nuclear program. An executive order by President Barack Obama on Monday authorized sanctions on foreign financial institutions that make transactions in the rial currency or keep accounts denominated in the rial outside the country.
The White House also authorized sanctions against anyone involved in the significant sale of goods and services to Iran's auto industry.
The sanctions came as part of a strategy aimed at forcing the Iranian rial to devalue and to hobble Iranian industry as Tehran refuses to bow to international pressure to reel in its nuclear efforts.