| United Nations Security Council Resolution 1929 recognized the connection between the revenues the Iranian regime derived from its energy sector and the funding of its proliferation-sensitive nuclear activities. In part because of that connection, on December 31st, President Barack Obama signed legislation imposing new sanctions on Iran that target the Central Bank of Iran and, through them, oil revenues. Foreign financial institutions that facilitate certain transactions with the Central Bank of Iran or U.S.-designated Iranian banks, including for the purchase of Iranian petroleum, will be barred from the U.S. financial system. The European Union has now agreed to ban imports of Iranian oil and petroleum products. |
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