House committee passes Iran sanctions legislation

Bill seeks to further curb Iran’s oil exports, limit access to foreign currency reserves, and expand the list of blacklisted companies

22 May 2013, 10:42 pm

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Iran's heavy water nuclear facilities near the central city of Arak, 150 miles (240 kilometers) southwest of Tehran (photo credit: AP/ISNA/Hamid Foroutan/File)

WASHINGTON (AP) — A new push to thwart Iran’s nuclear ambitions by crippling the country’s economy is gathering momentum on Capitol Hill.

The House Foreign Affairs Committee approved legislation Wednesday that would impose even tougher economic sanctions against Tehran. The bill seeks to further curb Iran’s oil exports, limit Tehran’s access to overseas foreign currency reserves, and expand the list of blacklisted Iranian companies.

The US and other world powers fear Iran’s production and stockpiling of uranium enrichment is aimed at developing a nuclear weapon. Iran insists its work is for peaceful purposes.

Congress has slapped penalties on Iran four times since June 2010.

The committee’s Nuclear Iran Prevention Act seeks to close any loopholes in existing sanctions and increase the pressure on Iran’s leaders to give up their nuclear program.