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Obama announces new Iran sanctions

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Barack Obama has announced new US sanctions against foreign banks that help Iran sell its oil, saying the new measures will raise pressure on the Islamic Republic to meet its international nuclear obligations. The new penalties by the US president were announced on Tuesday and would target China's Bank of Kunlun and Iraq's Elaf Islamic Bank. In a statement, Obama said the sanctions made clear that the US would expose any financial institution that assists "the increasingly desperate Iranian regime" to access the international financial system.

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