'Sanctions only hurting EU, Iran cashing in on exemptions'

The EU embargo of Iranian oil is now in place, along with fresh U.S. sanctions against countries dealing with Tehran. The measures are aimed at pressurizing Iran to curb its nuclear programme. The Islamic Republic says however that it's been stockpiling money as a buffer and that selling oil remains no problem - thanks to America exempting some countries from penalties - including China and Singapore. Author and journalist Afshin Rattansi says the sanctions are unlikely to have the desired effect.

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CBS Evening News with Scott Pelley - Iran feeling the impact of sanctions

The U.S. and other nations have imposed harsh sanctions to punish Iran for refusing to drop its nuclear program. And, as Anthony Mason reports, the sanctions are beginning to bite.

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News Wrap: Obama Orders New Sanctions on Iran's Government

In other news Monday, President Obama imposed new sanctions on Iran and its central bank to increase pressure on the country's regime over its nuclear program. Also, a deep freeze paralyzed much of Eastern Europe for another day. The cold wave is more than a week old with no immediate end in sight.

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News Wrap: Iran Calls US Sanctions 'Psychological War'

In other news Tuesday, Iran dismissed U.S. sanctions against the country's central bank. A spokesman for the Iranian foreign ministry equated the move to "psychological war," and said Iran would not give up its nuclear program. In Iraq, ministers from a Sunni-backed bloc ended their boycott of the Cabinet and returned to work.

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