Thursday's global agenda: Iran sanctions edition

Your morning global affairs speed-read

The latest batch of U.S. sanctions against Iran kick in today, with the aim of further crippling the nation's oil exports and forcing the regime to rethink its nuclear ambitions. The sanctions come as a round of negotiations in Istanbul, Baghdad and Moscow over the past couple of months failed to achieve a breakthrough on Iran's nuclear program, which the United States and other countries say has a military purpose.

Starting today, the United States will be able to impose sanctions on foreign financial institutions that do business with Iran’s central bank, which deals with oil transactions. And a full European Union embargo on Iranian crude starts July 1, fostering hopes that Iran will be reeling by the time technical negotiations on its nuclear program resume on July 3. Still, the U.S. Senate isn't waiting and is already pushing for tougher sanctions. [Reuters]

Under the sea: After the military brass, it's the business community's turn to make the case for U.S. accession to the United Nations' Law of the Sea Treaty. The U.S. Chamber of Commerce, the American Petroleum Institute, the National Association of Manufacturers and Verizon Communications Inc. will all testify before the Senate Foreign Relations Committee today that the United States is losing out to China and other nations whose ratification of the treaty gives them an edge in deep-sea mining and other activities.

Business in Africa: In the afternoon, the Senate Foreign Relations subcommittee on African Affairs holds a hearing on Africa's market potential. U.S. officials in charge of Africa at the Department of State, USAID and the Office of the U.S. Trade Representative are slated to testify. 

Secretary of State Hillary Clinton agreed to attend an emergency meeting on Syria this weekend following personal appeals by U.N./Arab League special envoy Kofi Annan to consider new proposals for a Syrian political transition. [The Washington Post]

Turkey is deploying anti-aircraft batteries along the border with Syria following the downing of one of its jets. [The New York Times]

Mitt Romney's foreign policy advisers are riven by internal rivalries. [Reuters]

Al-Monitor has a shortlist of potential nominees for U.S. ambassador to Iraq.

Foreign Policy takes the U.S. media to task for failing to report on what could be Sudan's Arab Spring moment.

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