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US Ready Bill to Help Fund It's Sanctions on Iranian Oil

OIL

US senators, both Republican and Democrat, are readying legislation to help the federal government enforce sanctions on Iran according to Reuters reports from Republican Senator Joni Ernst.

  • The bill, expected to be released Monday will provide $150 million in enforcement funds – with a priority on Iranian petroleum sanctions.
  • US measures to seize Iranian cargoes have been limited since 2019 and the cost of operations is high.
  • US lawmakers face pressure to target Iran over any possible connection to the recent Hamas attack in Israel.
  • The latest seizure by the Justice Department in April was a cargo carried by the Suez Rajan tanker with 1mn bbls of Iranian oil headed for China.

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