Iran cut off from Canada, U.S., U.K. banking systems
Canada, the U.S. and the U.K. are limiting Iran's access to much of the world's financial system in an attempt to isolate the country's regime.
The sanctions Canada announced Monday also add the leadership from the Revolutionary Guard to the list of people designated for sanctions and expands the list of prohibited goods.
"The regime in Iran poses a significant threat to regional and global peace. We will do what it takes to isolate the regime and to minimize the risk that it poses to global peace," said Government House Leader Peter Van Loan.
Although the sanctions expand the list of prohibited goods to include those used in the oil and gas industry, a release from the Department of Foreign Affairs notes the new prohibitions do not apply to contracts entered into prior to Nov. 22, 2011. Top news
The new prohibition covers all financial transactions not already banned, except for the already-signed contracts and personal remittances under $40,000, which is intended to let Canadians send money to family members.
The prohibition is total and includes transactions for payment on export or import of goods and services, a Canadian official said. The goods prohibition applies to Canadians outside Canada too.
The moves follow a recent report by the International Atomic Energy Agency that suggested Iran was working on a weapons program under the cover of a civilian energy project.
Britain announced its own sanctions earlier Monday, with U.S. Secretary of State Hillary Clinton adding American sanctions later in the day.
It's all in an effort to pressure Tehran to halt its suspected nuclear weapons program, which Iran says is for peaceful purposes.
Clinton said this is the first time the U.S. is targeting Iran's petrochemical sector, making it illegal to provide equipment and technology for the oil and gas industry.
"The impact will only grow unless Iran's leaders decide to change course," Clinton said.
"Today's actions do not exhaust our opportunities to sanction
