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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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