Iran’s Energy Sector Targeted as House Passes Sanctions Measures

The House today approved two measures to tighten sanctions on Iran, partly by targeting its energy and banking sectors.

One bill, passed on a vote of 410 to 11, would penalize companies and individuals that do business with Iran’s energy industry and central bank. The legislation also would deny U.S. entry visas to Iranian officials and impose property and financial sanctions on those individuals.

The sanctions would remain in effect until 30 days after the president certifies that Iran has ended all efforts to develop nuclear, chemical and biological weapons and related technology and has ended support for international terrorism.

The second bill, which passed on a 418-2 vote, would impose new sanctions on individuals and countries that conduct transactions benefiting the development of weapons by Iran, North Korea and Syria.

House Majority Leader Eric Cantor, a Virginia Republican, said the two measures would “dramatically strengthen existing sanctions against Iran, giving the president unprecedented authorities to impose crippling sanctions on Iran’s economy.”

Iran has said it is developing its nuclear program for civilian energy purposes.

The two bills, which now go to the Senate, are H.R. 1905 and H.R. 2105.

To contact the reporter on this story: David Lerman in Washington at dlerman1@bloomberg.net

To contact the editor responsible for this story: Mark Silva at msilva34@bloomberg.net

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