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US senate approves fresh oil, economic sanctions on Iran

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US senate approves fresh oil, economic sanctions on Iran

The US senate has endorsed a new package of oil and economic sanctions against Iran over its nuclear energy program ahead of talks between Tehran and the six major world powers (P5+1) in Baghdad.

The measure, passed unanimously on Monday, would target foreign banks doing transactions with Iran's national oil and tanker companies. It also includes measures to close potential loopholes in existing sanctions that could allow Iran to continue selling its crude oil.

The House of Representatives passed its version of the bill in December and now the senate and House must reconcile their differences in the legislation. The powerful pro-Israel lobby group AIPAC strongly supports the proposed sanctions.

According to Republican Senator Mark Kirk, a co-author of the bill, the move is aimed at pressuring the Islamic Republic to abandon its nuclear energy program.

However, a former CIA analyst for the Near East and Persian Gulf region said the sanctions could be counterproductive ahead of the Baghdad talks.

"The biggest requirement now for getting an agreement is not to pile on still more sanctions, but instead to persuade the Iranians that if they make concessions the sanctions will be eased," said Paul Pillar, now a security studies professor at Georgetown University.

The unilateral move by the US comes ahead of the upcoming talks between Iran and the P5+1 group- Britain, China, France, Russia, and the United States plus Germany- in the Iraqi capital of Baghdad on Wednesday.

The US, Israel and some of their allies accuse Tehran of pursuing military objectives in its nuclear energy program.

In a bid to pile up pressure on the country, the US and EU have recently imposed tough financial and oil sanctions against Iran.

Iran has repeatedly dismissed allegations over its nuclear activities, arguing that as a committed signatory to the nuclear Non-Proliferation Treaty and a member of the International Atomic Energy Agency, it has the right to use nuclear technology for peaceful purposes.

PressTV - US senate approves fresh oil, economic sanctions on Iran
 
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