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Jul 1, 2010 7:24 PM by Greg Boyce

New sanctions now in effect against Iran

WASHINGTON (AP) - President Barack Obama will sign legislation Thursday imposing tough new sanctions against Iran as further punishment for the country's  unwillingness to give up its ambitions of becoming a nuclear power.

The House and Senate acted in quick succession last week to overwhelmingly approve the penalties targeting Iran's powerful Revolutionary Guard and its imports of gas and other refined energy products. The action followed a fourth round of U.N. Security Council sanctions against Iran.

One of the bill's provisions says that foreign banks doing business with the Revolutionary Guard or certain Iranian banks will be shut out of the U.S. financial system.  Obama will sign the bill at a public ceremony in the White House East Room.

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