WASHINGTON – The US Congress is expected to pass legislation that would see sanctions imposed on companies that do business with Iran.
Among other things, companies that sell refined oil to Iran will not be able to do business with the US. While Iran is an oil exporter it depends on refined oil imports, so the US move may hold dramatic implications for Tehran.
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Democratic congress members, who control both houses of Congress, have been careful not to undermine the Obama Administration’s efforts to advance dialogue with Iran. However, now that it appears that these efforts have failed, Congress apparently received the green light from the Administration to proceed with the planned legislation.
Additional sanctions are expected to be directed at the banking industry and will affect those doing business with Iran, including with Iran’s central bank.
The planned legislation will affect energy companies, financial firms, and insurance companies that deal with trade with Iran. Berman believes that the pressure to be exerted on Tehran through the sanctions may prompt it to give up its nuclear aspirations.
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