(Bloomberg) Indira A.R. Lakshmanan - A group of U.S. lawmakers is proposing to intensify the economic pressure on Iran by drafting the harshest penalties to date. A draft Senate bill would penalize foreign countries that do business with any Iranian entity controlled by the government. It also would bar Iran from using earnings from oil exports to purchase anything other than food and medicine. In an effort to stop Iran from evading existing sanctions on oil exports, the bill would penalize companies that provide ship insurance and reinsurance for Iran and punish entities involved in vessel-to-vessel transfers of Iranian oil. The measure also would require the Islamic Republic to release political prisoners, respect the rights of women and minorities, and move toward "a free and democratically elected government." The bill would further require the president to report every 60 days on how long it would take Iran to produce enough weapons-grade uranium for a single nuclear weapon.
2013-04-11 00:00:00Full ArticleBACK Visit the Daily Alert Archive