Canada slaps new sanctions on Iran

Ban affects new oil and gas contracts, all financial transactions

Canada has imposed new economic sanctions against Iran, following both the U.S. and the U.K. in their escalating efforts to isolate the Islamic Republic. “We will do what it takes to isolate the regime and minimize the risk that it poses to global peace,” Government House Leader Peter Van Loan said on Monday. The fresh sanctions come in response to a recent report by the United Nation’s International Atomic Energy Agency, which suggested Iran is trying to gain nuclear weapons capability. The sanctions ban all financial transactions with Iran and its banks, including the central bank, except for already-existing contracts and personal remittances of up to $40,000 (the latter, according to the CBC is designed to allow Iranian-Canadians to transfer money to their relatives back home). The sanctions also prohibit any new deals with the Iranian oil and gas industry. Speaking to reporters on Monday, U.S. Treasury Secretary Timothy Geithner said the sanctions will have a significant impact. “We have dramatically reduced their access to the international financials system. Iranian banks are losing their ability to do business around the world.”


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