WarSclerotic

The US legislation affects the gasoline, financial, insurance and shipping sectors, among others, as it seeks to impose a heavy economic cost on Iran for continuing with its nuclear program.

“They know that there is a sleeping lion in Iran which is waking up and if she wakes up all the relationships in the world will change,” said Ahmadinejad. “Their pathetic acts show they know what a great human power is hidden in Iran.”

Ahmadinejad added that the sanctions would not prevent Iran from continuing its nuclear program.

“They thought that by having meetings and talking to each other and signing papers they could stop a great nation’s progress,” Ahmadinejad said. “Iran is much greater than what they can perceive it in their small minds,” he added. “We know that if this Iranian civilization awakes then there would be no more room for arrogant, corrupt and bullying powers.”

The US  bill attempts to bar foreign countries from exporting refined petroleum to Iran, as well as restrict access to American financial institutions for any entities that help Iran’s Revolutionary Guard Corps. It also seeks to choke off investment, technology and development of Iran’s energy sector, and makes it easier for states and localities to divest from companies that do business with Iran.

The measure was passed overwhelmingly by the Senate and House last week ahead of the July 4 recess. Sponsors described it as the toughest ever to target Iran.

Though the Obama administration had expressed some reservations about the details of the bill, its main concern was that the move would disrupt its own efforts to get a new sanctions resolution through the UN Security Council. Once that passed last month, lawmakers seized on the opportunity to build on the framework by putting through the unilateral US measure.

Hilary Leila Krieger and Gil Hoffman contributed to this report.