Last week, the U.S. Congress overwhelmingly approved updated Iran sanctions legislation, significantly expanding the scope of existing U.S. sanctions against Iran, and in particular, its petroleum industry. The bill’s major impact is to include under the U.S. sanctions regime companies and other institutions that provide goods or services to Iran’s petroleum industry, as well as those that export gasoline to Iran. It also expands the list of possible penalties that the U.S. president can impose, including a prohibition on any transfers of funds through U.S. financial institutions. The new legislation, if utilized judiciously in conjunction with multilateral sanctions imposed by […]

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