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Obama Extends Emergency Law on Iran

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TEHRAN, March 9 (ICANA) - US President Barack Obama has described Iran as “an unusual and extraordinary” threat and extended by one year a national emergency with regard to the Islamic Republic, the White House reports.
Wednesday, March 09, 2011 12:19:09 PM
Obama Extends Emergency Law on Iran

"Because the actions and policies of the government of Iran continue to pose an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States, the national emergency declared on March 15, 1995, must continue in effect beyond March 15, 2011," said Obama in a notice on Tuesday.

"Therefore... I am continuing for 1 year the national emergency with respect to Iran," it added.

According to the national emergency, US firms are banned from helping Iran develop its oil industry, carrying out trade exchanges, importing from and exporting goods to Iran and making venture in the country.

Iranian officials have repeatedly downplayed sanctions imposed against the country by the United States, saying the Islamic Republic will use sanctions as an opportunity to improve its economic situation and achieve self-sufficiency.

Iran has seized the opportunity and became self-sufficient in production of gasoline.

Iran has vehemently refuted allegations leveled by the US and its allies against the country, arguing that as a signatory to the Nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, Tehran has a right to use nuclear technology for peaceful applications.

While the US possesses and has used nuclear weapons in the past, Washington, in a politically-motivated move, is imposing unilateral sanctions against Iran, which does not possess nuclear weapons nor does it seek to develop such weapons.

On February 17, US legislators unveiled a new bill aimed at imposing further unilateral economic sanctions on Iran by putting pressure on companies doing business with Tehran.

The measures proposed by a group of US senators urge the companies trading on the US exchanges to reveal their investment being made in the Islamic Republic.

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