U.S. Lawmakers Reach Deal on New Iran Sanctions (INN) ISRAEL NATIONAL NEWS) By Elad Benari 07/31/12)
INN} ISRAEL NATIONAL NEWS
INN} ISRAEL NATIONAL NEWS Articles-Index-Top
U.S. lawmakers are a step closer to finalizing new sanctions aimed at
further restricting Iran´s oil revenues, Reuters reported, after
negotiators from the Senate and House of Representatives agreed upon
a compromise bill on Monday.
If passed, the sanctions will add additional pressure on top of
penalties imposed by the United States and European Union earlier
this year on countries that fail to slash purchases of Iranian oil.
The West hopes the sanctions will prevent Tehran from building
“The expanded energy sanctions contained in this critical legislation
effectively blacklist the Iranian energy sector and anyone doing
business with it,” Ileana Ros-Lehtinen, the Republican chairman of
the House Foreign Affairs Committee, said in a statement quoted by
“Unless (Iranian leaders) come clean on their nuclear program, end
the suppression of their people, and stop supporting terrorist
activities, they will face deepening international isolation and even
greater economic and diplomatic pressure,” Tim Johnson, Democratic
chairman of the Senate Banking Committee, said in a statement.
Johnson added that the bill included new sanctions on sales of any
goods or services to Iran´s oil and gas sector, including insurance
and reinsurance, and would hurt Iran´s ability to do barter trades or
oil-for-gold swaps to sell its oil cargoes.
Iran has maintained its nuclear program is for civilian purposes. Its
economy has been damaged by existing sanctions and its oil production
has slipped to the lowest level since 1988.
According to the Reuters report, Senate and House leaders have said
they would like to pass the sanctions by the end of the week, when
lawmakers are slated to leave for an extended recess. However, votes
have not yet been scheduled.
The U.S. penalties imposed thus far have forced Iran´s major trading
partners to reduce their Iranian crude imports. The EU enacted a ban
from July 1 on insuring ships carrying Iranian oil that has also
crimped Tehran´s oil exports.
Iran has been forced to shut off wells in its expansive oil fields,
as Western sanctions reduce Tehran´s vital crude oil exports by as
much as 30%.
Tehran´s current production levels to lows not seen in more than two
decades, which has cost Iran billions in lost revenues.
In an attempt to sidestep the EU sanctions, Iran has offered to
insure any foreign ships that enter its waters.
The United States recently warned the maritime industry that Iranian
ships were still using other countries’ flags in an attempt to evade
Sierra Leone is the latest country to revoke its flag for a vessel
controlled by the Islamic Republic of Iran Shipping Lines (IRISL),
which is on the U.S. blacklist for its involvement in Iran´s weapons
The United States said port authorities should be on the lookout for
fabricated vessel registration and phony flags. (IsraelNationalNews ©
Return to Top
MATERIAL REPRODUCED FOR EDUCATIONAL PURPOSES ONLY