The new sanctions, described by Obama as the "toughest" ones ever passed by the Congress, penalize international firms assisting Iran's energy industry and ban U.S. banks from dealing with foreign banks linked to its Revolutionary Guards or nuclear programs.
The measures are seen as aimed at cutting Iran's access to imports of gasoline and isolating it further from the international financial system. Iran, though a major oil producer, heavily relies on imports of refined oil products such as gasoline.
On June 9, the UN Security Council adopted a resolution, imposing the fourth round of sanctions on Iran since 2006.
Related:
Obama signs Iran sanction bill, Iran says its "meaningless"
WASHINGTON, July 1 (Xinhua) -- U.S. President Barack Obama on Thursday signed a new Iran sanction bill into law, which is described by him as "striking at the heart" of Iranian government's nuclear ability.
The bill, signed in the East Room of the White House, imposes tough new sanctions "striking at the heart of the Iranian government's ability to fund and develop its nuclear program," Obama said in a statement released by the White House. Full story
Timeline of Iran's nuclear issue
Special Report: Iran Nuclear Crisis
