US sanctions on Iran's central bank. Tehran has called this an act of war

On the last day of 2011, US President Barack Obama Saturday signed into law measures penalizing foreign financial institutions doing business with Iran's central bank, Bank Markazi - the toughest sanctions imposed yet over Iran's development of a nuclear weapon. In recent weeks Tehran has repeatedly warned that it would deem the signing of this measure an act of war and respond with drastic steps including the closure of the Strait of Hormuz....more