Obama Administration Announces Additional Iran Sanctions, Imposes Sanctions on Venezuelan State-owned Oil Company

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Tuesday, 24 May 2011 14:47

The Obama Administration announced yesterday and this morning additional Iran sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), the Iran Sanctions Act of 1996 (Public Law 104-172) (50 U.S.C. 1701 note) (ISA), as amended by, inter alia, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Public Law 111-195), and section 301 of title 3, United States Code, with respect to the national emergency declared in Executive Order 12957 of March 15, 1995 against the Islamic Republic of Iran.  The Executive Order is available here.

In related news, the Obama Administration will also be imposing sanctions on Venezuela's state-owned oil company, PDVSA, for its dealings with Iran, a state sponsor of terrorism. Additional details to follow.