White House Strengthens Iranian Sanctions
June 04, 2013
On June 03, 2013, President Obama signed a new Executive Order (E.O.) that tightens sanctions on Iran. The E.O. targets Iranian currency by imposing sanctions on foreign financial institutions buying or selling the rial, as well as institutions outside Iran that hold significant accounts denominated in the rial. According to a White House press release, the value of the rial has depreciated by 50% since early 2012 because of sanctions, and that trend will continue under the new E.O. The new sanctions, which are set to go into effect on July 01, 2013, at 12:01 a.m., also target Iran’s automotive sector and individuals providing financial support to the Government of Iran.
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