AJC Welcomes New American, Canadian Sanctions on Iran

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Nov 22, 2011, 02:45 ET

NEW YORK, Nov. 22, 2011 /PRNewswire-USNewswire/ -- AJC applauded the United States and Canada for their efforts to expand and toughen existing sanctions against Iran. Coordinated measures announced yesterday came in the wake of Britain's blanket ban on dealings with Iran's Central Bank.

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"Substantial sanctions that could cripple Iran's economy are the last, best chance for finding a peaceful way to dissuade Iran from developing nuclear weapons capability," said AJC Executive Director David Harris. "Effective economic measures require the full cooperation of major powers, but, let's be clear, the refusal of China and Russia to join in these efforts has undermined the global campaign against Iran."

Following Britain's announcement yesterday, which AJC praised as a "bold initiative" to press Iran to stop its nuclear weapons program, the U.S. and Canada announced new measures. France and Italy also called for tougher actions.

The U.S. Treasury Department named the Iranian banking system a "primary money laundering concern," but stopped short, at least for now, of following the British lead in banning all dealings with the Iranian Central Bank. Other U.S. measures announced yesterday included targeting companies that aid Iran's oil and petrochemical industries, and blacklisting 11 entities suspected of helping Iran's nuclear programs.

Canada vowed to "block virtually all transactions with Iran," including with its central bank, and banned exports to Iran of goods used in the petrochemical, oil and gas industry.

France stopped short of adopting new unilateral sanctions, but President Nicolas Sarkozy urged the EU to freeze all assets of the Iranian Central Bank. The EU is expected to adopt additional coordinated measures later this week.

The new Italian government, meanwhile, expressed full support for the new U.S. sanctions.

Concerted sanctions around the globe come after the IAEA released its conclusions earlier this month that Iran is on the verge of nuclear weapons capability. The U.S. and European countries were moved to act this week after the IAEA board failed to adopt punitive measures against Iran. The softened board resolution was a result of pressure from Russia and China, which have large economic interests in Iran.

SOURCE American Jewish Committee