June 27, 2007
The U.S. House of Representatives International Relations Committee approved the bill toughening sanctions imposed on Iran and banning nuclear cooperation agreement with Russia.
The U.S. House of Representatives International Committee voted 37 to 1 for the Iran Counter-Proliferation Act. The bill provides for sanctioning oil and gas companies that do business with Iran, crosses out some tax breaks for companies that invest in Iran and bars sealing any nuclear cooperation agreement with Russia as long as the Kremlin goes on contributing to the nuclear effort of Iran.
“My legislation will increase exponentially the economic pressure on Iran and empower our diplomatic efforts by strengthening the Iran Sanctions Act,” The Washington Post quoted Rep. Tomas Lantos as saying. Lantos led the team of the bill’s masterminds.
The sanctions will extend to such majors as Royal Dutch Shell, Norsk Hydro and China’s National Offshore Oil Corp that produce oil in Iran and have vast commercial interests in the United States.
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