iran sanctions

White House spokesman Jay Carney denied that Monday's unexpected announcement of new banking sanctions was a sign of heightened worry about an Israeli attack. "There has been a steady increase in our sanctions activity and this is part of that escalation," he said. Carney said US sanctions on Iran are already squeezing Iran's economy and have exacerbated tensions within the Iranian leadership. "There is no question that the impact of the isolation on Iran and the economic sanctions on Iran have caused added turmoil within Iran," he said. Iran is the world's third-largest exporter of crude oil, giving its leaders financial resources and leverage to withstand outside pressure. Last year, Iran generated $100 billion in revenue from oil, up from $20 billion a decade ago, according to IHS CERA, an energy consulting firm. If Iranian oil is prevented from getting to market, other suppliers could make up the difference. The US has been pressuring other Middle East and African nations to step up production for sale to Europe. Saudi Arabia has said it could increase production to make up for any lost Iranian crude. Iran's disputed nuclear program became a global concern more than five years ago, when the extent of the country's research and uranium enrichment began to be known. Since then a web of international economic and other sanctions have failed to stop Iran's progress toward a point when it could build one or more nuclear devices. US intelligence agencies say Iran is indeed ...

View Count: 6 Date: February 6, 2012