Iran Suffers ‘Crippling Effect’ of Trade, Banking Sanctions

The cascade of U.S. and European sanctions imposed on Iran is crippling its ability to export oil and conduct trade, hitting the Gulf state’s economy and stoking internal dissent, U.S. officials said.

An array of restrictions on banking, shipping, insurance, ports, trade, commodities and energy transactions and ventures have severed or complicated many of Iran’s commercial ties to the outside world. Secretary of State Hillary Clinton say there is limited time for sanctions to pressure Iran into giving up disputed nuclear activities before the U.S. or Israel may take military action.