News : Economy
- Published: Wednesday, 31 July 2013
INU- The US House of representatives is due to vote on Wednesday on a bill of tough sanctions against the Iranian regime to squeeze its oil exports to a trickle. The bill seeks to cut the Iranian regime oil exports by another 1 million barrels per day within one year, reports Reuters referring to congressional aides.
The bill, expected to pass easily in the House, would not become law immediately as no companion legislation has yet passed in the Senate. The Senate Banking Committee could consider its version of a bill in September and then the legislation would move to the full chamber for a vote.
The legislation would blacklist the Iranian regime's mining and construction sectors, effective next year, because they are seen as heavily linked to the Iranian regime's Revolutionary Guard corps. It also would commit the U.S. to the goal of ending all regime's oil sales worldwide by 2015, targeting the regime’s biggest revenue generator and prime source of money for its weapons and nuclear programs, reports AP.
Obama has said Iran has until sometime next year to prove to the world its nuclear program is peaceful.
In a report last week, David Albright and Christina Walrond at the Washington-based Institute for Science and International Security concluded that the Iranian regime will be able to produce enough weapons-grade uranium for a nuclear explosive without being detected by mid-2014
- US House approves tough new Iran sanctions
- Next:Iran needs higher oil price for 2013 budget, Apicorp says