Canada set to impose new sanctions against Iran

CTV National News – CTV News has learned the sanctions attempt to curtail Iran’s nuclear weapons program by tightening the financial screws on the Iranian regime.

Foreign Affairs Minister Lawrence Cannon has called a news conference for 11 a.m. Monday to make the announcement.

Senior officials say cabinet approved the additional sanctions on July 22.

Among the measures, Canada will ban any new Canadian investments in Iran’s energy sector and any exports that could in any way assist Iran’s nuclear sector.

It also bans Iranian financial institutions from setting up in Canada and forbids Canadian financial institutions from purchasing any Iran debt.

One official said the new sanctions “are meant not just for Iran but as a warning also to other nations with nuclear ambitions.”

These sanctions are similar to a package of measures adopted by the U.S. Congress and European Union.

U.S. President Barack Obama signed a bill imposing harsh sanctions on Iran on Friday that includes cutting off Iran’s access to refined petroleum imports, including gasoline and jet fuel and bans U.S. banks from doing business with foreign banks that provide services to the Revolutionary Guards.

The U.S. bill also denies companies that supply Iran with refined petroleum products access to American markets.

The new unilateral sanctions imposed by Canada and the U.S. come on top of the sanctions approved by the UN Security Council in June, in an attempt to force Tehran to abandon its nuclear program. Canada has already adopted the UN sanctions.

Other countries are also expected to announce the new tougher sanctions over the coming days, officials say.

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