US Senate approves Iran curbs

The US Senate on Thursday approved tough new unilateral sanctions aimed at squeezing Iran’s energy and banking sectors, which could also hurt companies from other countries doing business with Tehran.

The Senate passed the bill 99-0. The House of Representatives was expected to follow suit later in the day. Then the measure will go to President Barack Obama for his assent.

Congress intends to pressure Tehran into curbing its nuclear programme.

Lawmakers from both parties have been pushing for months to tighten US sanctions on Iran. At the Obama administration’s request, they held off until the United Nations Security Council and the European Union agreed to new multilateral sanctions. But the lawmakers then declared that still tougher measures were needed.

The UN sanctions, though a good first step, are quite tepid. And they are tepid because there are other members of the Security Council who want to keep doing that business with Iran ... The United States therefore has to pass these unilateral sanctions,” Democratic Senator Barbara Mikulski said during debate in the Senate.

The legislation penalises companies supplying Iran with gasoline as well as international banking institutions involved with Iran’s Islamic Revolutionary Guard Corps, its nuclear programme or what the United States calls its support for terrorist activity.

It would effectively deprive foreign banks of access to the US financial system if they do business with key Iranian banks or the Revolutionary Guards.

Global suppliers of gasoline to Iran could also face bans on access to the US banking system, property transactions and foreign exchange in the United States.—Reuters

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