BREAKING NEWS

US House approves new Iran sanctions on oil, shipping.

By REUTERS

AUGUST 2, 2012 02:28

WASHINGTON - The US House of Representatives passed a new package of sanctions against Iran on Wednesday that aim to punish banks, insurance companies and shippers that help Tehran sell its oil.

The legislation, agreed to by senior lawmakers of both parties in Congress, "seeks to tighten the chokehold on the regime beyond anything that has been done before," said Republican Representative Ileana Ros-Lehtinen, chair of the House Foreign Affairs Committee.

It builds on oil trade sanctions signed into law by President Barack Obama in December that have prompted Japan, South Korea, India and others to slash their purchases of Iranian oil.

"There is more we can do, more that we will do if Iran doesn't end its nuclear weapons program verifiably and completely," said Representative Howard Berman, the top Democrat on the foreign affairs panel.

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