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House Committee Passes Iran Sanctions Bill Targeting Non-Oil Trade
By Colby Adams
printThe U.S. House Committee on Foreign Affairs approved legislation that would restrict Iran's access to its overseas assets and expand measures targeting profits derived from the country's commercial trade. Passed Wednesday by voice vote, The Nuclear Iran Prevention Act would blacklist Iran's automotive and mining sectors and require countries importing Iranian oil to further reduce the purchases by one million barrels per day to claim exemptions to a December 2011 sanctions law. Foreign banks-including foreign central banks-caught facilitating significant, non-oil trade through the Central Bank of Iran or other designated Iranian financial institutions could also be barred from directly accessing...
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U.S. lawmakers may soon have enough support to pass a veto-proof measure that would clear the way for sanctions against foreign banks that deal with blacklisted Iranian entities in foreign currencies.
Foreign banks and companies will only reenter the Iranian market upon the finalization of a comprehensive, permanent nuclear agreement with the country, U.S. officials said Tuesday.
Lawmakers should press ahead with Iran sanctions bills despite pressure to put off new restrictions while American and Iranian officials hold nuclear talks, according to David Ibsen, executive director of United Against Nuclear Iran.
The U.S. House of Representatives Wednesday approved legislation that would limit White House-granted waivers to nations that purchase oil from Iran under a 2011 sanctions law.
The United States should more frequently blacklist foreign financial institutions that flout American sanctions barring Iranian oil sales, a lawmaker said Tuesday.
The White House Monday approved new powers to stifle the use of Iran's currency, impose financial restrictions on the country's automotive sector and blacklist those who support U.S. sanctions designees.
U.S. lawmakers will seek to advance a bill next week that would impose sanctions against companies that trade with Iran unless they agree to reduce their ties to the country within 180 days.
A bipartisan group of senators introduced legislation Wednesday that would bar foreign financial institutions that help Iran's central bank circumvent currency restrictions from holding correspondent accounts in the United States.
The U.S. Treasury Department's sanctions arm is gearing up to blacklist financial institutions secretly acting on behalf of Iran in an effort to bypass economic prohibitions, the agency's director said Wednesday.
The government of Iran and banks under its influence are increasingly using investments in foreign financial institutions as a means to circumvent sanctions, including restrictions on interbank messages, say sources.
U.S. House lawmakers are working to introduce a new round of comprehensive sanctions against Iran by March in an effort to curtail the country's alleged nuclear weapons program, say sources.
A nearly $330 million deferred prosecution agreement with a London-based bank reinforces the peril financial institutions face when engaging in look-backs for possible sanctions or anti-money laundering violations.
New York's $340 million sanctions settlement with Standard Chartered Plc will likely serve as a model for similar compliance-related agreements, even as it deters some banks from obtaining state licenses.
A New York agency's threat to revoke Standard Chartered Bank's state license for alleged sanctions violations is based on a flawed understanding of U.S. Treasury regulations, say former U.S. officials.
U.S. investigators looking into potential sanctions violations by Standard Chartered Bank will likely expedite their case following allegations by New York officials that the bank's executives permitted compliance violations, say sources.