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US Congress drafts Iran sanctions bill

Service : Politic
Tehran, Feb 1, (ICANA) –US lawmakers have drawn up a bill that would impose a new round of sanctions on Iran targeting the country's energy and telecommunications sectors.
Wednesday, February 01, 2012 2:27:11 PM
US Congress drafts Iran sanctions bill

The 61-page bipartisan bill, announced by the Senate Banking Committee late on Monday, is scheduled to be put to a vote at a hearing on Thursday.

If ratified, the new law would require the US government to identify officials of Iran's Islamic Revolutionary Guards Corps (IRGC) within 90 days and designate them for sanctions.

The new law would also give the US legal authority to sanction foreign companies that buy oil from the National Iranian Oil Company (NIOC), have oil shipped by the National Iranian Tanker Company (NITC), or supply Iran with telecommunications equipment.

In addition, the new legislation would penalize US companies that conduct business with Iran through their foreign subsidiaries or participate in uranium mining joint ventures with Iran in other parts of the world.

It would also require companies listed on US stock exchanges to disclose all their Iran-related activities to the Securities and Exchange Commission.

The US, Israel, and their allies accuse Iran of pursuing a military nuclear program and have used this allegation as a pretext to convince the United Nations Security Council to impose four rounds of sanctions on Iran.

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