Geithner: U.S. taking first steps toward tougher Iran sanctions

The United States is taking the first steps toward implementing new, tough sanctions against the Iranian government called for in a recent United Nations resolution, Treasury Secretary Timothy Geithner said Wednesday. The Oval offers more details on Geithner's remarks.

Among the people, entities and institutions that Geithner announced would join the sanction list:

Iran's Post Bank, bringing the total of Iranian banking institutions on the list to 16.

Five front companies and more than 90 ship names to the list of those that Iran's maritime carrier, IRISL, has used to try to evade sanctions.

Two individuals and four entities who are part of Iran's Revolutionary Guard, which is key to the country's missile programs.

Two individuals and two entities involved in Iran's nuclear or missile programs.

Twenty-two petroleum, energy and insurance companies owned or controlled by the Iranian government, including 17 that operate outside of Iran.

Geithner also said the United States needs assistance from other countries as it targets Iran's support for terrorist organizations, focuses on the country's Revolutionary Guard and exposes Iran's efforts to elude sanctions.

"So, alongside our efforts to build international support for new sanctions, we have been working behind the scenes, building international support among finance ministers, for additional sanctions to prevent abuse of the global financial system by Iran," Geithner said.

Stuart Levey, undersecretary for terrorism and financial intelligence, said during the session that Iran has been anxious about this new round of sanctions.

"If the Iranian government holds true to form, it will scramble to identify 'work arounds' - hiding behind front companies, doctoring wire trnasfers, falsifying shipping documents," Levey said. "We will continue to expose this deception, thereby reinforcing the very reasons why the private sector is increasingly shunning Iran."

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