New US sanctions on Iran's state-owned oil company

New US sanctions on Iran's state-owned oil company over links to Revolutionary Guard corps

Associated Press

WASHINGTON (AP) -- The Obama administration is imposing new sanctions on Iran's state-owned oil company because of its links to the country's hard-line Revolutionary Guard corps.

The Treasury Department's designation comes on top of existing U.S. sanctions on the National Iranian Oil Co. Governments may still import oil from Iran without the threat of American financial penalties if they are granted exemptions by the Obama administration.

Monday's action was praised by California Democratic Rep. Howard Berman. He said transactions with the National Iranian Oil Co. "directly support" the Revolutionary Guard's role in Iran's disputed nuclear development program and its fomenting of international terrorism.

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