Bill Targets Energy Cos. For Iran Sanctions Violations

Law360, New York (September 23, 2010, 1:58 PM EDT) -- Sens. Kirsten E. Gillibrand, D-N.Y., and Benjamin L. Cardin, D-Md., have introduced legislation that aims to shine a spotlight on holders of U.S. oil and gas leases that may be working with Iran to circumvent recently enacted sanctions.

The bill, known as the Gulf Security and Iran Sanctions Enforcement Act, would require all offshore oil and gas lessees in the United States to certify that they do not engage in any illegal activity in Iran.

Those offshore oil and gas lessees would also have to disclose...
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