New Iran Sanctions Gain Traction In House

Law360, New York (May 22, 2013, 6:58 PM EDT) -- The House Foreign Affairs Committee on Wednesday approved stiff new sanctions against Iran aimed at weakening the country's economy and stonewalling its ability to develop a nuclear weapon.

The punitive measures would limit Iran's access to foreign currency, place further restrictions on its oil exports and expand the list of businesses that are blacklisted from international commerce. Rep. Eliot Engel, D-N.Y., called the sanctions the “strongest-ever” targeted at Tehran's nuclear activity.

The U.S. and Europe have continually tightened financial sanctions on Iran in recent years in...
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