US Congress approves new sanctions on Iran
WASHINGTON: Congress voted Wednesday to slap sanctions on Iran's energy, shipping and financial industries, convinced that increasing the economic pressure on Tehran will derail its suspected nuclear weapons program. The House overwhelmingly passed the bill 421-6 and a short time later, the Senate approved it by voice vote. The measure now heads to President Barack Obama for his expected signature.
The legislation builds on the current penalties directed at financial institutions that do business with Iran's central bank and adds sanctions to undermine Tehran's oil income. The legislation would impose sanctions on anyone who mines uranium with Iran; sells, leases or provides oil tankers to Tehran; or provides insurance to the National Iranian Tanker Co., the state-run shipping line. The bill seeks to undermine Iran's ability to repatriate revenue from the sale of crude oil.
The bill would penalize anyone who works in Iran's petroleum, petrochemical or natural gas sector, or helps Tehran's oil and gas industry by providing goods, services, technology or infrastructure.
Posted by: Steve White