Monday, January 30, 2012

US Senate to Expand Iran Sanctions

The leaders of the US Senate Banking Committee today unveiled a bill requiring all companies that trade on the US stock exchange to disclose any Iran-related business to the Securities and Exchange Commission. The Committee would consider the legislation on Thursday. The measure, expected to pass, would make business transactions with Iran by any international entity listed on the US stock exchange prohibitively difficult and could practically stop doing business with Iran for many global companies.

The legislation will also impose penalties on individuals or companies that engage in transactions, including bartering, with the IRGC and its network of affiliated companies. It will also expands penalties on individuals or companies for engaging in joint ventures with the Iranians in the energy and mining sectors and for projects that would require transfer of new technology to the country.

The bill is likely to garner strong bipartisan support. Late last year, the Senate voted 100-0 for a measure that targeted financial institutions that do business with the Central Bank of Iran. President Obama signed that measure on 31 December.


Anonymous said...

What a ridiculous bill. You've already said no business can transact money with Iran if it transacts money with the US. This is irrelevant in light of that sanction.

The US Government is hysterical.

Nader Uskowi said...

The bill could actually have significant effects. All companies listed on the US stock exchange would need to report to SEC on each and every transaction with Iran, and not just the ones in the energy sector; in cash, credit or barter. Would be easier not to do business with the country than going through the reporting process to SEC.

Anonymous said...

Any company listed on the stock exchange would already be so engrained in the american financial structure that the first sanction already blocked them from Iran. This new bill is irrelevant.