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U.S. unveils fresh sanctions against Iranian currency

  • The United States imposed fresh sanctions on Iran’s currency on Tuesday in an effort to ramp up pressure on Tehran to abandon its nuclear program.

    The sanctions include penalties on anyone making "significant" transactions in the rial or in possession of large amounts of the currency outside Iran.

    This is the first time the U.S. has directly targeted the rial.

    According to a U.S. official, the move is likely to further weaken the currency, which has already lost value against the greenback as a result of other sanctions against Iran’s main employers and economic contributors.

    This is the ninth set of sanctions that the Obama administration has imposed against the country.

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