Tuesday, October 21, 2014


Iran

Congress Considering Tough New Iran Sanctions

Oil barrels at a factory in Iran (undated)
Oil barrels at a factory in Iran (undated)
U.S. lawmakers are debating an Iran sanctions bill that seeks to further cut that country's oil exports.

The Republican-led U.S. House of Representatives is considering legislation that aims to reduce Iran's oil exports by another 1 million barrels per day within a year.

A vote is expected on July 31 or August 1 but could also be further delayed.

The legislation is expected to pass the House easily and then move to the Senate for consideration.

It would impose the toughest sanctions to date on Iran over its disputed nuclear program.

The bill could wipe out what is left of Iran’s shrinking oil exports by pressuring its customers to find other suppliers.

The legislation risks angering China and India, the biggest importers of Iran's oil, and could push global oil prices higher.

Based on reporting by Press TV and Reuters

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