Global General

Obama to sign new Iran sanctions bill on Thursday

(Xinhua)
Updated: 2010-07-01 09:54

WASHINGTON - US President Barack Obama will sign into law on Thursday a new sanctions bill against Iran, the White House said on Wednesday.

Related readings:  US Congress passes sanctions bill on Iran  EU adopts new sanctions on Iran  Iran sanctions hurt dialogue, say analysts  Iran's SNSC responds to UN sanction resolution

The bill, passed last week by the House of Representatives and the Senate respectively, contains sanctions targeting Iran's energy and banking sectors.

Under the bill, businesses that help supply Iran with refined petroleum or help develop the country's own refining capacity would be penalized.

In addition, any financial institutions that do business with Iran's Islamic Revolutionary Guards or other blacklisted Iranian banks could be denied access to the US financial system.

The new measures came after the UN Security Council adopted a new resolution on the Iranian nuclear issue, prohibiting Iran from investing abroad in nuclear and enrichment operations and imposing new restrictions on Iran's import of conventional arms.