US targets Iranian banking system under new sanctions

THE United States has announced fresh sanctions against Iran's energy sector and warned firms against dealing with Iran's financial sector, as it tries to ''sharpen'' Iran's choice to pursue nuclear weapons.

Secretary of State Hillary Clinton, unveiling what she called a ''significant ratcheting up of pressure on Iran'', said today that the US is targeting Iran's energy sector directly for the first time.

''Recent days have brought new evidence that Iran's leaders have continued to defy their international obligations,'' said Clinton.

Detailing sanctions against goods, services and technologies for the vital petrochemical sector, Clinton said ''there have to be consequences of such behaviour''.

Iran's energy sales are thought to account for around 70 per cent of the government's budget and are crucial to the broader Iranian economy.

In tandem Treasury Secretary Timothy Geithner issued a warning that any firms doing business with Iran's banking sector could run the risk of funding illicit activities.

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