US Senate works on new package of Iran sanctions

US Senate works on new package of Iran sanctions

New sanctions aimed at reducing global trade with Iran in the energy, shipping and metals sectors may soon be considered by the U.S. Senate as part of an annual defense policy bill, senators and aides said on Tuesday, Reuters reported.

The sanctions legislation, which has not yet been unveiled, comes during a crowded calendar as the Senate races to deal with deficit reduction, the defense bill and other pressing issues by the end of the year.

The package would build on current U.S. sanctions, passed almost a year ago, that have slashed Iran's oil revenues. The goal is to pressure Tehran to stop efforts to enrich uranium to levels that could be used in weapons.

Tehran has said its nuclear program is strictly for civilian purposes.

Democratic Senator Robert Menendez and Republican Mark Kirk have crafted new sanctions that would punish foreign banks that handle transactions for a broad sector of industries, including shipping, ports, ship building and more types of energy.

"Our significant effort right now is in pursuing areas of the economy that can lead to proliferation - energy, shipping, to mention a few," Menendez said in a brief hallway interview.

U.S. persons and companies have long been barred from doing business with Iranian entities. These new sanctions apply to foreign banks, threatening to ban them from the U.S. financial system unless they cut their dealings with Iran.

Senator Carl Levin, the Democratic chairman of the Armed Services Committee, said he was reviewing a draft version of the sanctions and was amenable to the measures being added to the defense bill.

"It's fine with me," Levin said. "Going in, I favor strengthening any way we can the sanctions against Iran."

The package seeks to ban financial transactions with any person or organization blacklisted for their association with the Iranian government, as well as sales of metallurgical coal and precious metals, a congressional aide said, speaking on condition of anonymity.

The sanctions would end "Turkey's game of gold for natural gas," a senior Senate aide said, referring to reports that Turkey has been paying for natural gas with gold due to sanctions rules.

The legislation "would bring economic sanctions on Iran near de facto trade embargo levels with the hope of speeding up the date by which Iran's economy will collapse," the aide said.

The legislation will also impose new bans on insurance and re-insurance for shipments of a broader range of goods, aides said.

US Secretary of State makes statement on recent Armenia-Azerbaijan clashes
US Secretary of State makes statement on recent Armenia-Azerbaijan clashes
Musk plans IPO for SpaceX's Starlink business
Musk plans IPO for SpaceX's Starlink business
New U.S. COVID-19 cases rise in 27 states for two straight weeks
New U.S. COVID-19 cases rise in 27 states for two straight weeks
Loading Bars
Latest
Mehriban Aliyeva: “May the Almighty grant every Azerbaijani the chance to kiss the sacred Karabakh soil!”
Emissions crunch drives VW to overhaul its supercar strategy
Azerbaijani Prosecutor General's Office reveals latest data on losses due to Armenia’s attack
Precious metal prices in Azerbaijan up
Azerbaijani president: Over 20 civilians have been injured - this again shows Armenian criminal regime's fascist nature
President Aliyev made speech during “Financing the 2030 Agenda for Sustainable Development in the Era of COVID-19 and Beyond” (PHOTO)
Azerbaijani defense ministry: Armenia continues to spread false information
Ministry: Jordan concerned about development of events in Nagorno-Karabakh region
Reuters fact-checks images of "Azerbaijani aircraft" shot down amid Karabakh conflict escalation
Visa company working to promote contactless payments in Azerbaijan
ADB supports Azerbaijan in development of tourism sector
France, Russia, US doing everything to restore dialogue on Karabakh conflict
Expert: Georgia has two positions regarding Nagorno-Karabakh conflict
Georgia reveals volume of processed grapes as of Sept.29
Volume of cargo loaded, unloaded at Iran’s Bushehr port announced
Pakistani ambassador: We are happy to say that Karabakh is Azerbaijan!
Defense Ministry: No problems with medical, blood supplies in Azerbaijani army
Azerbaijan realizes its right to defend and repel aggression in accordance with international law - embassy in Georgia
Iran Mercantile Exchange discloses its sales details
Georgian Mtis Tskali to become market leader
President Ilham Aliyev: Pashinyan's dictatorial regime threat to peace, security in region
Uzbekistan, Tajikistan eye to increase turnover
Azerbaijani president: Islamophobic and Azerbaijanophobic policies have already become the official ideology of Armenia
Azerbaijani president: Armenia's dictatorial regime must be stopped, and if international community does not stop them, Azerbaijan will
IMF: Baku-Tbilisi-Kars railroad boosts Georgia’s transit prospects
Operation “Fly-Out”
Angela Merkel makes phone call to President Ilham Aliyev
Azerbaijani Parliament's speaker, OSCE PA president discuss situation on Karabakh conflict
Turkey always next to Azerbaijan in its just struggle - presidential adviser
Azerbaijan confirms 102 more COVID-19 recoveries
Turkmenistan significantly increases import of flour products from EAEU countries
Trend News Agency's chief editor informs Arab world on Karabakh conflict via TV, radio programs (PHOTO/VIDEO)
Prosecutor General's Office talks total damage following Armenia’s attack
Azerbaijani Army’s artillery units inflict crushing blow on Armenian armed forces (VIDEO)
Armenian leadership makes completely absurd statements on negotiation process - Ambassador
Iran’s Bahar Azadi gold coin price keeps rising
OSCE Permanent Council to discuss recent developments in Nagorno Karabakh conflict context
Uzbekistan’s energy sector attracts UK's business
Head of Turkish delegation to IPU phones Azerbaijani Parliament's speaker
Iranian banks provides loans in large amount to services sector
UN High Commissioner calls on Armenia, Azerbaijan to ensure protection of civilians
Many Azerbaijanis in Russian Moscow appeal to embassy to sent them to front
Georgia sees increase in fuel prices
EAEU countries increase exports of sugar products to Turkmenistan
Turkey discloses volume of cargo movement via its ports from US
Turkish Justice & Development Party: Attack on Azerbaijan - attack on us
Iranian gov't spokesman talks on Azerbaijan's territorial integrity amid recent armed clashes
Azerbaijani Karabakh community appeals to int'l organizations
Azerbaijani Defense Ministry: S-300 air defense systems moving out of Armenia to be destroyed as soon as they enter occupied lands
Consul: Hostilities caused by lack of progress on negotiation process between Armenia, Azerbaijan
EU to assist Georgia in coping with COVID-19 outbreak and its impact on country's economy
Kazakhstan's export to Switzerland plummets amid COVID-19
Online payments through VISA payment cards growing in Azerbaijan
Minister: If necessary Georgia to subsidize increase in food prices again
First ever online action for subsoil use to be held in Kazakhstan
Walmart in talks for up to $25 billion investment in Tata's 'super app': Mint
Turkish FM: World community must not compare Armenia and Azerbaijan
Appointment of Iranian president's nominee approved by Iranian parliament
Hoagland: Armenia invaded sovereign territory of another sovereign state, Azerbaijan
Turkmen scientist talks possibility of Turkmenistan’s national economy saturation
Cekuta: Occupation of Nagorno-Karabakh, surrounding territories undermines peace, security in Europe
Freight traffic from Russian railway landfill to Azerbaijan reduces
Visa launching projects in Azerbaijan
Uzbekneftegaz to buy computer equipment via tender
Ambassador to Russia: None of Azerbaijani bombs fall on Armenia’s territory
Azerbaijani Defense Ministry: Armenian regiment in Madagiz demoralized
Iran reveals its COVID-19 data for September 29
Uzbekistan to expand agriculture products range on German counters
Russia's State Duma members urged to contribute to settlement of Karabakh conflict
Pakistan, Turkmenistan to continue increasing bilateral cooperation
Embassy dismisses rumors of Armenia receiving arms through Iran's territory
US Secretary of State makes statement on recent Armenia-Azerbaijan clashes
Russian State Duma expresses readiness to promote peaceful settlement in Karabakh
Iran denies transportation of arms through its territory
Russian newspaper posts video footage from occupied Azerbaijani Nagorno-Karabakh region
Mining sector continues leading in Baku's industrial production
Azerbaijan’s Goranboy district executive power: No one leaves villages
Azerbaijani Defense Ministry: Commander of Armenian Armed Forces’ regiment severely wounded
Azerbaijani Foreign Ministry, Prosecutor General's Office issue joint statement (PHOTO)
Weekly review of events in Azerbaijani financial market
Aghdam district executive power: Armenians continue shelling Azerbaijani settlements
Defense ministry: Azerbaijani army repels Armenian armed forces’ counterattack
Azerbaijani Defense Ministry: Armenian armed forces’ command and observation post destroyed near Hadrut settlement
Iran’s CBI: loans issued to housing & construction sector
Azerbaijan expands co-op with Germany on aluminum industry development
Georgian TBC Bank leads by asset volumes
Export volume of meat products from Turkmenistan to Georgia announced
Uzbekistan eyes to increase digital economy share in country's GDP
Tires manufacturing to be launched in Kazakhstan in co-op with Russian TATNEFT
Progress on Aman Oil Pumping Station construction in Kazakhstan revealed
Amount of loans issued to trade sector in Iran revealed
Azerbaijan talks on use of helicopters in operations against Armenian attacks
Armenian military objects destroyed - Azerbaijani ministry
Azerbaijani defense ministry: another tank of Armenian armed forces destroyed
Azerbaijani Defense Ministry: another Armenian officer killed
Demand of Azerbaijani commercial banks increases
CBI announces amount of loans issued to industrial and mining sector in Iran
Nagif Hamzayev: it's time to say "Stop!" to armenian government
Armenians fleeing from Nagorno Karabakh's Khankendi - Russian media outlets
Former ISESCO DG: Armenian aggression against Azerbaijan is blatant violation of int’l law
All news