Obama Administration Announces New US Sanctions Targeting Iran

Ahead of the passage of new legislation that will significantly strengthen U.S. sanctions against Iran, the President has issued a new Executive Order designed to put further pressure on revenue sources of the Iranian government. The order effectively expands the sanctions of Section 1245 of the National Defense Authorization Act for FY 2012 (the “NDAA”) beyond purchases of petroleum with the Central Bank of Iran to cover purchases of petroleum or petrochemical products through any channel. It also provides new authority to sanction the purchasers themselves and targets those who provide material support to key Iranian institutions.