Tougher Trade Sanctions on Iran Advance in Senate
November 2, 2009
World Trade/INTERACTIVE
The Senate Banking Committee unanimously approved Oct. 29 legislation that strengthens economic and trade sanctions against Iran. According to a fact sheet from Committee Chairman Chris Dodd, D-Conn., the Comprehensive Iran Sanctions, Accountability and Divestment Act includes the following provisions.
• codifies into law and strengthens the Treasury Department’s ban on trade with Iran, with exceptions for the export of food, medicine and humanitarian aid and the exchange of informational materials
• requires the U.S. to help Iran’s trading partners strengthen their export controls to prevent the illegal black market export of sensitive dual-use technology to Iran via third countries and to subject these countries to significant restrictions on exports if they refuse U.S. assistance
• prohibits the U.S. government from contracting with companies that export sensitive communications jamming or monitoring technology to Iran
• expands sanctions on foreign companies investing over $20 million in Iran’s oil and gas sector to also cover certain financial institutions, foreign subsidiaries, insurers, export credit agencies and others
• requires U.S companies to be sanctioned for the activities of their subsidiaries established specifically to circumvent sanctions if they invest over $20 million in Iran’s energy sector
• requires the White House to submit to Congress a list of the companies that are sanctionable under the Iran Sanctions Act and whether or not sanctions will be applied
• prohibits the U.S. government from purchasing goods from companies that are sanctionable under the Iran Sanctions Act
• requires the president to sanction companies involved in exporting refined petroleum products to Iran or in developing oil refineries within Iran by restricting their foreign exchange transactions, access to U.S. banks, and acquisition, holding or transfer of property in the U.S.
Source Document 1...
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