Replies to post #172305 on Tornado Alley (PROG)

[BullNBear52]

That is not the point of the new sanctions. They can still do business directly with Iran. But they won't be doing business here.

Moreover, the new sanctions — which effectively force countries to choose between doing business with the United States and buying oil from Iran

http://www.nytimes.com/2012/03/31/business/global/obama-to-clear-way-to-expand-iranian-oil-sanctions.html?hp

I guess we'll have to see how that works out for the countries taht want to buy Iranian oil and maintain a banking relationsship with the U. S.

The law permits Obama after June 28 to effectively cut off banks still doing business with Iran from the U.S. financial system.

http://news.yahoo.com/blogs/ticket/obama-sets-stage-tough-sanctions-targeting-iran-oil-190045204.html

Somehow I don't see any of the countries named, including China wanting to be cut out of the dealing in the U.S. financial markets.

That would be fun to watch as China tries to redeem some U.S. debt. lol.