New Sanctions Hit Iran's Military, Banks

Oct 26, 06:42 AM

Current Headlines: By ANNE GEARAN

By Anne Gearan

The Associated Press

WASHINGTON

The United States announced harsh new penalties on the Iranian military and state-owned banking systems Thursday, raising pressure on the world financial system to cut ties with a regime the West accuses of bankrolling terrorism and seeking a nuclear bomb.

The U.S. sanctions on elements of Iran's vast armed forces and its largest bank are the most sweeping since 1979, when the takeover of the U.S. Embassy in Tehran ruptured diplomatic, business and military ties.

The sanctions are the first of their type imposed by the United States specifically against the armed forces of another government.

U.S. officials insisted Thursday that the new moves do not hasten war and that the United States remains committed to finding a way to talk Iran out of a nuclear program the U.S. claims is hostile.

The latest sanctions will cut off more than 20 Iranian entities, including individuals and companies owned or controlled by the powerful Revolutionary Guard Corps, from the American financial system.

Any assets found in the United States belonging to the designated groups must be frozen. Americans are also prohibited from doing business with those designated organizations.

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