Iran Sanctions
Abstract
There appears to be a growing international consensus to adopt progressively strict economic sanctions against Iran to try to compel it to compromise on its further nuclear development. Measures adopted in 2010 by the United Nations Security Council and the European Union and other countries complement the numerous U.S. laws and regulations that have long sought to try to slow Iran's weapons of mass destruction (WMD) programs and curb its support for militant groups. The U.S. view-increasingly shared by major allies-is that sanctions should target Iran's energy sector that provides about 80% of government revenues. U.S. efforts to curb international energy investment in Iran's energy sector began in 1996 with the Iran Sanctions Act (ISA), a U.S. law that authorized the imposition of U.S. penalties against foreign companies that invest in Iran's energy sector. ISA represented a U.S. effort, which is now broadening, to persuade foreign firms to choose between the Iranian market and the much larger U.S. market. ISA has been expanded significantly in 2010 to sanction firms that help Iran meet its needs for importation and additional production of gasoline. In the 111th Congress, H.R. 2194 (signed into law on July 1-P.L. 111-195) adds as ISA violations selling refined gasoline to Iran; providing shipping insurance or other services to deliver gasoline to Iran; or supplying equipment to or performing the construction of oil refineries in Iran. The new law also adds a broad range of other measures further restricting the already limited amount of U.S. trade with Iran and restricting some trade with countries that allow WMD-useful technology to reach Iran.
Document Details
- Document Type
- Technical Report
- Publication Date
- Aug 03, 2010
- Accession Number
- ADA526219
Entities
People
- Kenneth Katzman
Organizations
- Library of Congress