President Obama has imposed new US sanctions on Iran designed to deter Iran or other countries from establishing payment mechanisms for the purchase of Iranian crude that circumvent already existing sanctions, according to platts.. The executive order also expands existing sanctions on Iran's petrochemical sector. In addition, the Treasury Department has imposed sanctions on the Bank of Kunlun in China and Elaf Islamic Bank in Iraq "for knowingly facilitating significant transactions or providing significant financial services to Iranian banks designated for their connection to Iran's support for terrorism or proliferation." "Sanctions are also authorized for those who may seek to avoid the impact of these sanctions, including against individuals and entities that provide material support to the National Iranian Oil Company, Naftiran Intertrade Company, or the Central Bank of Iran, or for the purchase or acquisition of US bank notes or precious metals by the government of Iran," Obama said in a statement.
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