US Senate Passes New Iran Sanctions Bill

The Wall Street Journal on May 22, 2012 released the following:

“By Samuel Rubenfeld

The U.S. Senate passed on Monday night — by voice vote — new sanctions on Iran ahead of diplomatic talks about Tehran’s nuclear program.

The legislation, which was blocked last Thursday by Republicans seeking minor language tweaks despite overwhelming support, sailed through Monday on the voice vote after doing the same in committee. The bill, among other things, imposes sanctions on the parent companies of foreign subsidiaries violating sanctions. It also requires the disclosure of all sanctionable activity to the Securities and Exchange Commission.

Lawmakers have been on the offensive to punish Iran for its nuclear program, which Tehran says is peaceful.

“Iran’s Supreme Leader has a choice: Either come to Baghdad with a real plan to terminate Iran’s nuclear program or we’ll make our own plan – through sanctions or other necessary measures — to ensure that Iran fails to achieve its nuclear ambitions,” said Sen. Bob Menendez (D., N.J.) in a statement.

The Senate-passed legislation still has to be reconciled with a House bill before it reaches President Barack Obama’s desk. It comes on top of sanctions legislation signed into law last year that targets anyone doing business with Iran’s central bank, which routes most of its oil transactions.

Those sanctions were implemented in early February via executive order, and a guidance and a rule were issued by the Treasury Department later that month. In April, the White House announced a new program that makes it easier to go after Iran sanctions evaders.

The bill passed Monday night broadens the list of available programs under which sanctions can be imposed on Iranian individuals and entities.

It also requires the U.S. to determine whether the National Iranian Oil Co. and National Iranian Tanker Co. are agencies of the country’s Revolutionary Guard Corps, and then impose sanctions on anyone facilitating sanctions for either entity.”

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The author of this blog is Douglas C. McNabb. Please feel free to contact him directly at mcnabb@mcnabbassociates.com or at one of the offices listed above.

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