The US and its allies may impose sweeping sanctions on Iran if Tehran fails to allay fears it is building nuclear weapons, a US official said on Tuesday.
Iran, however, dismissed the threat, saying previous sanctions against it had been ineffective and arguing that foreign companies recognized the benefit of trading with the oil-rich country.
Stuart Levey, the US Treasury’s under-secretary for terrorism and financial intelligence, told US lawmakers that Washington was working to build as much international support as possible for a “comprehensive” plan of stronger sanctions.
“It [the US strategy] takes into account that no single sanction is a ‘silver bullet’ — we will need to impose measures simultaneously in many different forms in order to be effective,” Levey told the US Senate Banking Committee.
US President Barack Obama has warned Iran to come clean about its nuclear program, which Washington fears is a cover to build atomic weapons, or face “sanctions that bite.” Tehran says its program is designed only to produce electricity.
Iran last week agreed with six world powers — the US, Russia, China, the UK, France and Germany — to allow inspectors access to its newly disclosed uranium enrichment plant near the holy city of Qom.
Washington has had restrictions on US business dealings with Iran for a long time. But the disclosure of the plant — it is the second such facility acknowledged by Iran — has prompted both Congress and the Obama administration to take a closer look at expanded sanctions in the standoff.
“Because financial measures are most effective when imposed as part of a broad-based effort with support of the largest possible international coalition, we are working closely with our allies as we put together this strategy,” Levey said.
Iran’s finance minister said US sanctions and pressure on international banks to cut ties with Tehran had little effect, as many foreign firms find trading with Tehran profitable.
“It’s not necessary for us to circumvent the sanctions. Our partners will find a way to come forward,” Shamseddin Hosseini told reporters on the sidelines of an IMF and World Bank meeting in Istanbul.
“After many years of sanctions, Iran continues to progress to and do its business. There are many secure ways to do business,” he said.
The White House is being urged to consider a wide range of options, including choking off gasoline supplies. That approach is favored by Senate banking panel chairman Chris Dodd, who said he would move forward this month with legislation.
Hosseini said sanctions on refined petroleum products would have little effect on Iran’s economy because it can increase domestic refinery output and reduce consumption.
US officials are also looking at ways to discourage big financial firms from providing insurance for shipments to Iran.
Meanwhile, Venezuelan President Hugo Chavez was poking fun at Washington’s misgivings over a possible transfer of nuclear materials between Venezuela and Iran.
During a Cabinet meeting on Tuesday, Chavez welcomed Mining Minister Rodolfo Sanz as he arrived late and asked: “How’s the uranium for Iran? For the atomic bomb?”
Chavez’s mocking drew snickers from Cabinet members. Sanz grinned.
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