After Iran failed to comply with UN demands to halt the enrichment of uranium or to agree to full IAEA oversight of its nuclear program, that the United Nations passed resolutions 1737 and 1747 respectively. The first was passed in December 2006 and the second in March 2007.
In October 2007, the United States established sanctions against Iran under EO 13382 designations for proliferation activities and EO 13224 designations for providing material support to the Taliban and other terrorist organizations.
The U.N. Security Council passed a third sanction resolution against Iran in April 2008.
In May 2008 U.S. Secretary of State Condoleezza Rice said the United States would “aggressively” impose more sanctions on Iran as long as it refused to give up nuclear work
The European Union and the United States have warned Iran we are prepared to go beyond UN sanctions if Iran shuns demands to suspend sensitive nuclear work. Now Washington and the EU are working to deny Iranian banks access to the international financial system.
The new steps include a crackdown on Iranian banks “to ensure Iranian banks cannot abuse the international banking system to support proliferation and terrorism.” (more…)