U.S. Tightens Economic Squeeze on Iran

By Julie Pace; Ben Feller | Telegraph - Herald (Dubuque), March 31, 2012 | Go to article overview

U.S. Tightens Economic Squeeze on Iran


Julie Pace; Ben Feller, Telegraph - Herald (Dubuque)


Judge awards $2.2 billion for Beirut attack on Marines WASHINGTON -- A federal judge has awarded $2.16 billion to victims of the 1983 suicide truck-bombing of U.S. Marines in Beirut. The money will be difficult to collect, but the victims hope to obtain it from Iranian assets frozen in the United States. U.S. District Judge Royce Lamberth awarded the money Friday to estates of dead Marines and to injured Marines and their relatives. Two days ago, he awarded $44.6 million to two servicemen who were injured and their family members. Iran has been blamed for supporting the militant group Hezbollah, which carried out the bombing.

WASHINGTON - President Barack Obama said Friday he was plowing ahead with potential sanctions against countries that keep buying oil from Iran, including allies of the United States, in a deepening campaign to starve Iran of money for its disputed nuclear program.

The world oil market is tight but deep enough to keep the squeeze on Iran, Obama ruled.

The sanctions aim to further isolate Iran's central bank, which processes nearly all of Iran's oil purchases, from the global economy. Obama's move clears the way for the U.S. to penalize foreign financial institutions that do oil business with Iran by barring them from having a U.S.-based affiliate or doing business here.

Obama's goal is to tighten the pressure on Iran, not allies, and already the administration exempted 10 European Union countries and Japan from the threat of sanctions because they cut their oil purchases from Iran. …

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U.S. Tightens Economic Squeeze on Iran
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