Biden Signs Aid Package With Iran Oil Sanctions Into Law
- Bill broadens sanctions to include foreign ports, vessels
- Presidential waiver authority seen limiting sanctions impact
The bill would broaden sanctions to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude in violation of existing US sanctions.
Photographer: Ali Mohammadi/BloombergThis article is for subscribers only.
President Joe Biden signed a foreign aid package that includes sanctions on Iran’s oil sector into law Wednesday.
The legislation, which was approved by the Senate Tuesday night by a vote of 79-18, broadens sanctions to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude in violation of existing US sanctions. It also expands so-called secondary sanctions to cover all transactions between Chinese financial institutions and sanctioned Iranian banks used to purchase petroleum and oil-derived products.