WASHINGTON (Reuters) - The Senate on Thursday approved legislation that would let President Barack Obama impose sanctions on Iran's gasoline suppliers and penalize some of Tehran's elites, a move aimed at pressuring Tehran to give up its nuclear program. The sanctions, approved on a voice vote, would target companies that export gasoline to Iran or help expand the country's oil-refining capacity by, in part, denying them loans and other assistance from U.S. financial institutions.The House of Representatives has already passed similar legislation. Differences between the two bills will have to be worked out before the measure becomes law.
Many in Congress want to give Obama more tools to pressure Iran. Cutting off gasoline supplies would hurt Tehran's economy; while Iran has the world's third biggest oil reserves, it must import 40 percent of its gasoline to meet domestic demand because of a lack of refining capacity.
| This is something we should have done in 2005 ... |
But U.S. business groups have warned the White House that the lawmakers' approach threatens to undercut this joint strategy. The critics say broad-based sanctions sought by lawmakers would upset U.S. allies whose companies would be affected, and frustrate joint action with other countries against Iran.
| Isn't that just too bad? How hard are those allies pressing Iran? You can see all the results of their pressure, can't you? |
| Plus good! |
| Double-plus good! |
Other provisions in the bill would:
- Impose a broad ban on direct imports from Iran to the United States and exports from the United States to Iran, exempting food and medicines;
- Require the Obama administration to freeze the assets of Iranians, including Iran's Revolutionary Guard Corps, who are active in weapons proliferation or terrorism;
- Allow state and local governments and private asset fund managers to easily divest from energy firms doing business with Iran;
- Strengthen export controls to stop the illegal black market export of sensitive technology to Iran through other countries and impose tough new licensing requirements on those who refuse to cooperate.