The United States has warned of new sanctions on Iran after an unprecedented attack on Israel. US Treasury Secretary Janet Yellen said that the announcement of the sanctions is going to come in the next few days. This ban can be given mainly to reduce Iran’s oil export capacity.
The Republican members of the US Congress are also planning to introduce several bills on Iran, according to the news agency Reuters.
US sanctions on Iran are nothing new. The United States has already imposed several sanctions on Tehran. Reuters reported on possible further sanctions.
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Current restrictions
The current sanctions on Tehran have blocked almost all US trade with Iran. In addition, the United States has seized all Iranian assets and prohibited all types of aid and arms sales. The Congressional Research Service (CRS) has informed us of this information.
Thousands of individuals and companies are covered by the US sanctions program. These sanctions target Iranian and foreign individuals and entities. According to a CRS report last year, Washington is seeking to rein in Iran’s government and change its behavior.
Issues of concern to the United States include Iran’s nuclear program, human rights abuses, and Tehran’s support for groups the United States considers terrorists.
What more sanctions can the US impose
Former US National Security Council official Peter Harrell believes there is some scope for further sanctions on Iran. In this case, Iran’s oil exports and the country’s various companies and financiers can be targeted. He said one measure could be the imposition of multinational sanctions by the European Union and Washington’s allies. Because the current restrictions are mainly imposed by the Americans,.
Under the international agreement reached on Tehran’s nuclear program, several previously imposed sanctions were eased. But former President Donald Trump pulled out of the deal in 2018 and reimposed the sanctions.
Peter Harrell said, ‘From the context of the United States, we have to be realistic. Although we may impose further restrictions at any time, we have to remember that we are in a world where economic stress is slowly disappearing. Because we are already sitting with many restrictions.
What is Congress thinking
Republican members of the House of Representatives are complaining that President Joe Biden has failed to properly implement the sanctions that are currently in place. They say that several bills will be brought in to make the ban effective.
These include strengthening congressional oversight of compliance waivers to ensure compliance. In addition, the US administration should ensure that sanctions imposed on the export of US goods and technology to Iran and waivers on humanitarian grounds do not fuel terrorism and the proliferation of weapons capable of killing large numbers of people. The US administration should confirm.
However, it is not yet clear when or if these measures will become law. To become law, they must pass the bill in the Democratic-controlled Senate and then have it signed by President Joe Biden.
Last Monday, the US House of Representatives passed the Iran-China Energy Sanctions Act. The law requires Chinese financial institutions to report annually on whether they are participating in Iranian oil transactions. If a Chinese entity engaged in such activities, no US financial institution could maintain an account with it.
However, it is still uncertain whether this bill will be passed in the Senate. The Senate, however, can itself consider separate legislation. The Senate Foreign Relations Committee passed a bill on Tuesday that would take action against foreign ports and refineries that process Iranian oil in violation of US sanctions.
Through a variety of Iran-related actions, the Biden administration has imposed sanctions against hundreds of people and organizations since 2021.
What’s in the current ban
US sanctions against Iran target the nation’s nuclear program, the energy and defense industries, government personnel, banks, and other Iranian economic sectors.
โข There are US sanctions against Iran’s Atomic Energy Corporation and other companies involved in the country’s nuclear program. Among these institutions is the Central Bank of Iran.
โข Iran’s National Oil Company, the Ministry of Petroleum, and some other institutions are under sanctions. Its aim is to prevent these companies from getting revenue from the sale of oil.
โข Sanctions against Iran’s Revolutionary Guards, its Foreign Quds Force, the Ministry of Defense, Army Logistics, and individuals and institutions associated with them. Washington has identified the Revolutionary Guards and the Quds Force as foreign terrorist organizations.
โข US sanctions have also been directed towards Iranian government officials and President Ebrahim Raisi.
Also readThe Biden Administration pressures allies not to conflict with Iran over the nuclear program
