This bill would address the concern that the Iranian government is circumventing U.S. sanctions by trading its oil reserves with foreign currency exchange reserves, specifically those held in Euros. The bill would allow the U.S. president to impose sanctions on foreign entities taking part in financial transactions with Iran, restricting the capacity of both the Central Bank of Iran and the National Iranian Oil Company.
Originally introduced as an amendment to a budget-related resolution (S. Con. Res. 8 of 3/15/13), this bill was widely believed to be a small part of a larger new sanctions initiative based in Senator Kirk’s office.
On 2/25/13, 36 Senators (19 Democrats and 17 Republicans, including majorities of both the Senate Foreign Relations and Banking Cmtes.) signed onto a letter addressed to leaders in the EU, urging them to take immediate action to close this ‘Euro loophole.’
NORPAC actively supported this bill. Their talking points on the subject highlighted the bill’s ‘potential to deprive Iran of $100 billion in foreign reserves,’ (5/22/13). At the annual advocacy day (5/22/13) of the Zionist Organization for America, the organization’s president, Mort Klein, supported this bill in front of an audience of lawmakers.
31 cosponsors (19R, 12D).
See also: H.R. 850 of 2/27/13 and S.A. 364 on S. Con. Res. 8 of 3/15/13.
Last major action: 5/8/13 referred to Senate Cmte. on Banking, Housing, and Urban Affairs.