In a display of what Obama has been working towards the entire first year, it looks like Obama will get all of the major powers together to vote FOR sanctions against Iran.
President Obama has been the one bringing the Security Council together on the Iranian threat, arguing that if they did it by themselves, it wouldn't be as strong and if they failed to act, then Israel would and that would cause Oil prices to skyrocket, thus adding woes to Russian and Chinese companies operating within the country. Thus, they're in a box in terms of sanctions.
China could also abstain from voting and allow the decision to be made by a simple majority. However, the sources told Haaretz, the United States is still trying to obtain Chinese support for the sanctions.
"The United States is seeking to reach a consensus between the five permanent members of the UN Security Council on the sanctions issue," one of the sources said. "This would allow it to present the five superpowers as a united coalition, which would increase the impact of the sanctions."
It appears more likely that the Chinese will abstain in their votes, but Obama is pushing harder and harder to get the Chinese to vote with the majority. The sanctions won't be as crippling as the ones who passed through Congress, of which the President has yet to sign (and likely won't), but it will be targeted primarily at the Revolutionary Guard in Iran, the same group that is supporting Ahmadinejad and has been beating and killing protesters. This way, it would be an attempt to boost the protesters without hurting the majority of the Iranian people.
All in all, good works on the diplomatic front.
Here's Voice of America on what the sanctions will look like Sanctions on Revolutionary Guard:
The Obama administration is preparing a line of sanctions to target the Iranian Revolutionary Guards, which control local banks and other organizations related to the Islamic Republic's nuclear program.
The American effort is aimed at driving a wedge between the Iranian public and the Revolutionary Guards which are responsible for crushing any sign of anti-regime sentiment and are promoting the nuclear program.
Officials in the US administration told the New York Times Wednesday that the decision's draft, which was handed over for the review of the six powers and will be voted on in the Security Council, includes a list of companies and assets belonging to the Revolutionary Guards. Among them is the Tehran airport.