Free Republic

David Cameron has vowed to “turn the ratchet” on Vladimir Putin, as he warned Western sanctions would “permanently” damage the Russian economy. Moscow banks are running short of funding as investors pull capital out the country, while the rouble and the Russian stock market are falling, the Prime Minister said. He was speaking ahead of a Nato summit in Wales which will discuss Ukrainian membership of the military alliance. Addressing the Commons, the Prime Minister said Britain would face the “grave danger” posed by Russian aggression in eastern Ukraine with “reliance and resolve”. On Saturday, European leaders gave Russia a...

US President Barack Obama Saturday signed into law tough new sanctions targeting Iran's central bank and financial sector, in a move that could intensify a brewing Gulf showdown. The measures, meant to punish Iran for its nuclear program, were contained in a mammoth $662 billion defense bill, which Obama signed despite having reservations that it ties his hands on setting foreign policy. The sanctions are meant to hit Iran's crucial oil sector and require foreign firms to make a choice between doing business with Tehran's financial sector and central bank or the mighty US economy and financial sector. Foreign central...

Iran castigated its U.S. adversary on Tuesday over new financial measures to disrupt Iranian commerce, and a default on payment for rice purchases highlighted the encroachment of sanctions on the staples of everyday life. Lawmakers in Tehran vowed to ban crude exports to European countries even before an EU oil embargo takes effect. The U.S. sanctions, targeting Iran's central bank and giving U.S. banks new powers to freeze Iranian government assets, were the latest in a tightening web of international measures aimed at forcing the Islamic Republic to scrap sensitive nuclear work. "It is an antagonistic move, psychological warfare which...