Sens. Want New Sanctions On Iran Currency Transactions

Law360, New York (May 9, 2013, 2:23 PM EDT) -- A bipartisan group of senators introduced legislation Wednesday that would tighten economic sanctions on Iran by blocking the nuclear-aspirant country's access to foreign currency reserves.

The bill — the Iran Sanctions Loophole Elimination Act — would impose immediate sanctions on foreign banks and clearinghouses that process currency conversions for blacklisted Iranian entities, like the Central Bank of Iran and the National Iranian Oil Co.

The proposed law's authors say Iran's government is circumventing American and European Union sanctions with huge foreign reserves of nonlocal currencies, like...
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