US to squeeze banks helping Iran sell oil

US President Barack Obama speaks on energy use and the economy following a tour of the Industrial Assessment Center at the University of Miami in Miami, Florida, February 23, 2012. The center teaches students about industrial energy efficiency as they help small and mid-sized companies reduce energy costs. AFP PHOTO / Saul LOEB

Obama sanctions: President stepping up pressure on banks

SAUL LOEB

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News Wires

 31 July 2012 22:46 GMT

President Barack Obama announced new US sanctions on Tuesday against foreign banks that help Iran sell its oil and said the measure would increase pressure on Tehran for failing to meet its international nuclear obligations.

Obama's decision, in an executive order, came ahead of congressional votes on new sanctions intended to further strip Iran of its oil-related revenues, Reuters reported.

It also followed criticism from Republican presidential challenger Mitt Romney that the White House is failing to act strongly enough to stop Iran's suspected pursuit of a nuclear weapon. Iran says its nuclear program is for peaceful purposes.

The United States remains committed to finding a diplomatic resolution to the standoff with Tehran, but is also determined to step up the pressure, Obama said in a statement, according…

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