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Senate aide: Farther-reaching US sanctions planned for Iran

By REUTERS

OCTOBER 8, 2012 17:24

WASHINGTON - Republican Senator Mark Kirk, who last year co-authored a package of US sanctions on Iran's banking and oil sectors, is working on new legislation that would further tighten the economic noose on Tehran, an aide to the lawmaker said Monday.

Kirk is working on legislation that could be offered as an amendment to an annual defense policy bill that the Senate and House of Representatives must finalize after the Nov. 6 presidential election.

The bill would seek to ban all international banks, whether private or government-owned, from conducting transactions with any Iranian bank that is in any way connected to the Central Bank of Iran, an aide to Kirk told Reuters on condition of anonymity. Currently, only oil-related transactions with the central bank are covered.

The bill would seek to blacklist Iran's entire energy sector, and ban insurance or reinsurance services to Iran, making more transactions and services subject to sanctions, the aide said.

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