WASHINGTON, Nov. 19 (UPI) -- The U.S. government plans to impose sanctions against Iran's petrochemical industry, barring foreign countries from doing business with Iran, sources told CNN.
This would be achieved by threatening foreign companies with being banned from U.S. markets, CNN reported. Many European companies are expected to announce similar sanctions after European leaders meet next week.
The new measures, which are expected to be announced Monday, build upon existing sanctions on Iran's oil and gas industry, a source close to the plan said.
Plans for additional sanctions come after the U.N. International Atomic Energy Agency issued a resolution expressing "deep and increasing concern about the unresolved issues regarding the Iranian nuclear program," claiming the Iranian nuclear program was developing the technology to build a nuclear weapon.
U.S. President Barack Obama's administration has been receiving pressure from Congress to up the heat on Iran, CNN reported, including imposing sanctions on financial institutions that do business with Iran's central bank.
U.S. officials are reluctant to cut off Iran's central bank as it could drive up oil prices, but have discussed some possible sanctions against the bank by limiting some financial transactions, the source said.
