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0 Dangerous Crossroads in World History: Obama’s New Iran Sanctions: An Act of War News to Gold Prices — Tags:  
“The law signed by Mr. Obama imposes penalties on foreign entities that sell refined petroleum to Iran or assist Iran with its domestic refining capacity. It also requires that American and foreign businesses that seek contracts with the United States government certify that they do not engage in prohibited business with Iran.” (July 1, 2010). Iran must import a large part of its refined oil from foreign corporations and nations, since it does not have the technology needed to refine all the fuel that it pumps from its soil. By cutting this refined oil off, the U.S. will be causing massive, irreparable damage to the Iranian economy — equaling an act of war.

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