Gov't: More sanctions due firms involved with Iran

By MATTHEW LEE | May 24, 2011 | 10:00 AM EDT

WASHINGTON (AP) — U.S. officials say the Obama administration is hitting seven foreign companies, including a major Venezuelan oil firm, with sanctions for doing business with Iran.

The officials said penalties against the companies are to be announced Tuesday as the administration widens the scope of measures against firms believed to be helping fund Iran's nuclear program.

The officials spoke on condition of anonymity ahead of the formal announcement of the sanctions.