US Congress hits foreign banks in proposed Iran sanctions

Iran's financial partners would be hit with new unilateral sanctions under draft legislation proposed by US House of Representatives and Senate negotiators, lawmakers announced on Monday.

The legislation, aimed at curbing Tehran's nuclear program, would effectively deprive foreign banks doing business with key Iranian banks or its Revolutionary Guard Corps of access to the US financial system. The proposal by Senator Chris Dodd and Representative Howard Berman is being circulated among House and Senate negotiators and will have to pass both chambers to become law. (Reuters)