Russia to block U.S. sanctions on Iran

Russia on Thursday said it will block U-S.

and EU sanctions on Tehran and could impose new restrictions on other oil-producing countries.

In a statement, the Russian state-owned oil company Rosneft said it would also cut off oil exports to Iran and will impose a new ban on oil exports from Iran.

The move comes as the Obama administration is considering a broad new U.N. sanctions package targeting Iran’s nuclear program.