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U.S. Senators Call for Stronger Sanctions Enforcement on Iran’s Oil Sector

U.S. Senators Katie Britt, Tim Scott Lead Banking Republicans in Pressing Biden Administration on Sanctions Enforcement on Iran’s Oil Sector

Washington D.C. – U.S. Senator Katie Britt (R-Ala.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, joined Ranking Member Tim Scott (R-S.C.) and six other Senate Republicans in urging U.S. Secretary of the Treasury Janet Yellen to address delays in implementing and enforcing sanctions on Iran’s oil sector. In a letter, the Senators emphasized the importance of using all available tools to monitor and sanction illicit oil transactions involving Iran.

The Senators raised concerns about the delayed enforcement of the Stop Harboring Iranian Petroleum (SHIP) Act and highlighted the need for stronger action against nations circumventing sanctions, particularly in Southeast Asia. They pointed to trade data suggesting Malaysia is exporting oil to China beyond its production capacity, which they allege indicates involvement in Iranian oil trade.

The letter also called for detailed responses by December 20, 2024, on several issues, including:

  • Assessments of vessels linked to Iran’s petroleum trade.
  • Identification of financial institutions facilitating Iranian oil exports.
  • Updates on engagements with foreign governments to enforce sanctions.
  • Briefings on intelligence utilization for monitoring Iranian oil exports.
  • Alerts to financial institutions about sanctions evasion tactics.

The Senators noted that while recent expansions of Executive Order 13902 are steps in the right direction, rigorous enforcement is essential. They urged the Treasury Department to ensure compliance with U.S. sanctions and address gaps that allow Iran to profit from oil sales, which are believed to finance regional terrorism and nuclear development.

Senator Britt has been a vocal advocate for robust sanctions against Iran. In October 2023, she led a Senate Banking Committee hearing to scrutinize enforcement actions against Iran’s financial networks. She has also supported legislative measures, including the SHIP Act, the Solidify Iran Sanctions Act, and other initiatives aimed at intensifying pressure on Iran.

The letter builds on the Senators’ ongoing efforts to hold the administration accountable for its Iran strategy and to counter Iran’s funding of groups like Hamas and Hezbollah.

U.S. Senators Katie Britt, Tim Scott Lead Banking Republicans in Pressing Biden Administration on Sanctions Enforcement on Iran’s Oil Sector

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