British bank Standard Chartered says it expects to “very shortly” pay $330 million to U.S. authorities to settle accusations that it violated American trade sanctions against Iran.

The bank said Thursday the payment would settle claims with the U.S. Justice Department, the Treasury and the Federal Reserve, the country's central bank. The new payment would be on top of $340 million Standard Chartered already paid to New York state authorities earlier this year to resolve charges stemming from the same allegations.

The American authorities accused the Asia-focused bank of hiding about $250 billion in transactions with Iranian banks. The New York bank regulator said the bank kept false records as it handled wire transfers for Iranian clients.

Such money transfers are prohibited by U.S. sanctions aimed at blocking Tehran's nuclear program, which the West says is for production of nuclear weaponry and Iran says is peaceful.

EU foreign ministers have agreed to impose tough new sanctions on Iranian industries to try to pressure Tehran into negotiating an end to its sensitive nuclear activities.

After meeting in Luxembourg on Monday, the top diplomats of the 27-nation bloc released a statement saying the tougher sanctions are in response to what they call Iran’s “flagrant violation” of international obligations and refusal to fully cooperate with the U.N. nuclear agency.

EU foreign policy chief Catherine Ashton said the sanctions are meant to persuade Iran to engage in negotiations that address international concerns about suspected military dimensions to the Iranian nuclear program. Tehran denies Western accusations that it is trying to develop nuclear weapons under cover of a civilian energy program.

The EU statement said one of the new penalties is a general ban on financial transactions with Iranian banks unless the transfers deal with humanitarian goods and EU authorities approve them in advance. Other measures include tighter restrictions on dealings with Iran’s central bank, a ban on importing Iranian natural gas, and a ban on exporting graphite and metals that Iran could use for its weapons programs.

The White House welcomed the EU move, saying it “strengthens international efforts to … isolate the Iranian government.” Spokesman Jay Carney also said “rallying the world to increase the pressure on (Iranian leaders) so that they stop pursuing a nuclear weapon has been a top priority” for President Barack Obama.

Under the new sanctions, EU companies are prohibited from supporting Iran’s ship-building industry and banned from transporting or storing Iranian crude oil – the country’s main source of revenue. The EU banned imports of Iranian oil earlier this year.

An EU asset freeze and travel ban also will be imposed on additional entities whose names will be published Tuesday.

British Foreign Secretary William Hague said the EU will continue to intensify pressure on Iran “over the coming months” unless intermittent negotiations between world powers and the Islamic republic succeed. German Foreign Minister Guide Westerwelle accused Iran of “playing for time” and said EU nations do not see a “sufficient” Iranian readiness for “substantial” nuclear talks.

Iran has engaged in three rounds of talks with the five permanent members of the U.N. Security Council plus Germany since April, but has refused to scale back uranium enrichment unless major international sanctions are lifted.

The European Union on Monday slapped Iran with increased sanctions over its controversial nuclear program.

The package of sanctions adopted by EU foreign ministers centers on finance and trade, curbing EU business with Iran's banks and companies dealings with oil and gas imports. The EU is expected to release a list of blacklisted companies on Tuesday. The ban includes asset freezes and travel bans.

Iran is already facing a host of international sanctions. Iran says its nuclear program has peaceful aims. But Western nations fear Iran is possibly developing a nuclear weapon. Negotiations between Iran and the West and the United Nations have failed to produce a breakthrough.

U.S. Secretary of State Hillary Clinton says Washington will take steps to lift a ban on imports from Burma in response to continued reforms by the country's military-backed government.

At a meeting on the sidelines of the United Nations General Assembly, Clinton told Burma's President Thein Sein that the U.S. will “begin the process” of easing restrictions on Burmese goods into the United States.

The move, to be made with the cooperation of Congress, would represent the removal of the last major U.S. trade sanction against Burma, which is recovering from decades of political and economic isolation.

It follows recent U.S. decisions to restore diplomatic relations and lift sanctions on U.S. investment in Burma.

President Thein Sein, who has overseen a wave of reforms since taking power last year, said he was “very grateful” and that the Burmese people are “very pleased” with the American moves.

Burmese opposition leader Aung San Suu Kyi last week expressed her support for lifting the import ban, saying further easing of sanctions would help the Burmese people. Clinton said Wednesday the move was made in part because of requests from both the government and the opposition.

Bo Hla Tint, Burma analyst and former foreign minister of the Washington-based Burma government-in-exile, tells VOA he expects the move will, over time, benefit Burma's poverty-stricken population.

“The United States is one of the biggest markets not only for Burma, but also for other countries in the Asian region. So it will be very helpful.”

Bo Hla Tint says Burma is probably not ready to begin building factories that would produce clothing and other textiles that could be imported to the United States. But he says the move is important because it could persuade Burma's leaders to continue making democratic reforms.

Since taking power in March of last year, the government of Thein Sein, a former general, has begun releasing political prisoners, relaxing censorship and opening dialogue with the democratic opposition and armed ethnic minority groups.

But Washington has continued to push Burma to take further steps, including releasing all remaining political prisoners, making peace deals with ethnic groups and ending suspected ties with North Korea's military.

Jennifer Quigley of the Washington-based U.S. Campaign for Burma tells VOA that she is disappointed at the lifting of the import ban, but she acknowledges that it will have some positive impact.

“There will be some jobs available to some of those in the urban areas that were previously not there. But our bigger concern is that the very last piece of leverage against the Burmese military is now gone. And sanctions were imposed for human rights and political reasons, so it doesn't really leave any opportunity to apply any pressure going forward for the big problems that remain in the country.”

Some observers have speculated that Washington is partly motivated to renew relations with Burma as part of its strategic pivot towards Asia, which is seen by many as an attempt to counter the rising influence of China.

U.S. Secretary of State Hillary Clinton says Washington will take steps to lift a ban on imports from Burma in response to continued reforms by the country's military-backed government.

At a meeting on the sidelines of the United Nations General Assembly, Clinton told Burma's President Thein Sein that the U.S. will “begin the process” of easing restrictions on Burmese goods into the United States.

“In recognition of the continued progress toward reform and in response to requests from both the government and the opposition, the United States is taking the next step in normalizing our commercial relationship.”

The move, which would be made with the cooperation of Congress, would represent the removal of the last major U.S. trade sanction against Burma, which is recovering from decades of political and economic isolation.

It follows recent U.S. decisions to restore diplomatic relations and lift sanctions on U.S. investment in Burma.

President Thein Sein, who has overseen a wave of reforms since taking power last year, said following the meeting that he was “very grateful” and that the Burmese people are “very pleased” with the American moves.

Burmese opposition leader Aung San Suu Kyi last week expressed her support for lifting the import ban, saying further easing of sanctions would help the Burmese people. Clinton said Wednesday the move was made in part because of requests from both the government and the opposition.

Bo Hla Tint, Burma analyst and former foreign minister of the Washington-based Burma government-in-exile, tells VOA he expects the move will, over time, benefit Burma's poverty-stricken population.

“The United States is one of the biggest markets not only for Burma, but also for other countries in the Asian region. So it will be very helpful.”

Bo Hla Tint says Burma is probably not ready to begin building factories that would produce clothing and other textiles that could be imported to the United States. But he says the move is important because it could persuade Burma's leaders to continue making democratic reforms.

Since taking power in March of last year, the government of Thein Sein, a former general, has begun releasing political prisoners, relaxing censorship and opening dialogue with the democratic opposition and armed ethnic minority groups.

But Washington has continued to push Burma to take further steps, including releasing all remaining political prisoners, making peace deals with ethnic groups and ending suspected ties with North Korea's military.

Jennifer Quigley of the Washington-based U.S. Campaign for Burma tells VOA that she is disappointed at the lifting of the import ban, but she acknowledges that it will have some positive impact.

“There will be some jobs available to some of those in the urban areas that were previously not there. But our bigger concern is that the very last piece of leverage against the Burmese military is now gone. And sanctions were imposed for human rights and political reasons, so it doesn't really leave any opportunity to apply any pressure going forward for the big problems that remain in the country.”

Some observers have speculated that Washington is partly motivated to renew relations with Burma as part of its strategic pivot towards Asia, which is seen by many as an attempt to counter the rising influence of China.

U.S. Secretary of State Hillary Clinton says Washington will take steps to lift a ban on imports from Burma in response to “continued progress toward reform” in the Southeast Asian nation.

At a meeting on the sidelines of the United Nations General Assembly, Clinton told Burma's President Thein Sein that lifting the import ban is the “next step in normalizing our commercial relationship” with Burma.

The move, which will be made with the cooperation of Congress, would represent the removal of the last U.S. major trade sanction against Burma, which is recovering from decades of political and economic isolation.

Clinton said the U.S. will “begin the process of easing restrictions on Burmese goods into the United States,” saying she hopes this will provide more opportunities for Burmese people to sell their goods into the U.S. market.

President Thein Sein, who has undertaken a wave of reforms since taking power last year, said following the meeting that he was “very grateful” and that the Burmese people are “very pleased” with the U.S. moves to relax sanctions.

Last week, Clinton also met with Burmese opposition leader Aung San Suu Kyi, who is on a multi-week tour of the United States. The democracy leader urged Washington to lift further economic sanctions to help benefit Burmese people.

Clinton said Wednesday that the U.S. was lifting the import ban in response to requests from both the government and the opposition.” It follows recent U.S. moves to restore diplomatic relations and lift sanctions on U.S. investment in Burma.

Since taking power in March of last year, the government of Thein Sein, a former general, has begun releasing political prisoners, relaxing censorship and opening dialogue with the democratic opposition and armed ethnic minority groups.

U.S. Secretary of State Hillary Clinton has announced the lifting of U.S. import bans on Burma in response to democratic reforms implemented by the new government there.

Clinton announced the decision Wednesday after her meeting with Burma's President Thein Sein on the sidelines of the United Nations General Assembly in New York. She said the United States is taking this step in recognition of the continued progress toward reform and in response to requests from both the Burmese government and the opposition.

Burma's opposition leader Aung San Suu Kyi stopped in Washington last week during her tour of the United States, the first since she's been freed from detention almost two years ago. She urged the United States to lift the economic sanctions for the benefit of the Burmese people.

Clinton told President Thein Sein that Washington is taking this next step in normalizing its commercial relationship with Burma in the hope of providing more opportunities for Burmese people to sell their goods in the U.S. market.

The U.S. Treasury Department announced Wednesday that the Financial Crimes Enforcement Network (FinCEN) is repealing a 2004 rule that required certain U.S. financial institutions to take special measures directed at two of Burma's then-largest banks, Myanmar Mayflower Bank and Asia Wealth Bank. FinCEN is also withdrawing its 2003 identification of these banks as financial institutions of primary money laundering concern.

Since taking power in March of last year, the government of Thein Sein, a former general, has begun releasing political prisoners, relaxing censorship and opening dialogue with the democratic opposition and armed ethnic minority groups.

Washington has begun to relax some of the sanctions to reward Burma for taking significant steps toward democracy.

China is urging the United States to lift new sanctions imposed against a Chinese bank for doing business with Iran.

China's foreign ministry said Wednesday the sanctions damaged U.S.-Chinese relations, and that it would lodge an official protest.

The U.S. Treasury on Tuesday announced the sanctions against China's Bank of Kunlun and an Iraqi financial institution accused of doing business with sanctioned Iranian banks.

U.S. President Barack Obama also imposed new sanctions through an executive order Tuesday targeting Iran's energy and petrochemical sectors. The new measure is aimed at preventing Iran from circumventing international penalties for its controversial nuclear program.

Mr. Obama said in a statement the new sanctions strengthen efforts to pressure and isolate the Iranian government for “its continued failure to meet its international obligations.”

The White House action comes as the House of Representatives and the Senate prepare to introduce their own sanctions against Iran. Some lawmakers have criticized the president for not being tough enough on Iran.

The United States and several other Western countries have united to impose sanctions on Iran, saying they are concerned that Iran's nuclear program is an effort to develop nuclear weapons. Iran says its programs to enrich uranium are for civilian purposes.

U.S. President Barack Obama has signed an executive order that imposes new sanctions on Iran's energy and petrochemical sectors, to prevent that country from circumventing international penalties for its nuclear program.

Additionally, the U.S. Treasury Department announced sanctions against one Chinese and one Iraqi financial institution accused of doing business with sanctioned Iranian banks.

In a statement by the White House Tuesday, the president said the new measures strengthen efforts to pressure and isolate the Iranian government for “its continued failure to meet its international obligations.”

The White House action comes as the House of Representatives and the Senate prepare to introduce their own sanctions against Iran. Some lawmakers have criticized the president for not being tough enough on Iran.

The United States and several other Western countries have united to impose sanctions on Iran, saying they are concerned that Iran's nuclear program is an effort to develop nuclear weapons. Iran says its programs to enrich uranium are for civilian purposes.