BREAKING NEWS

US Senate could move soon to implement new Iran sanctions

By REUTERS

MARCH 27, 2012 18:17

WASHINGTON - The US Senate may soon consider a new package of proposed sanctions targeting Iran's oil revenues, Democratic Majority Leader Harry Reid said on Tuesday.

The sanctions would focus on foreign banks that handle transactions for Iran's national oil and tanker companies, and include a host of measures aimed to close loopholes in existing sanctions.

The sanctions have made it increasingly difficult for Tehran to sell its oil and are aimed at slowing Iran's nuclear program, which Tehran has said is purely for civilian purposes. The West contends the program is for nuclear weapons.

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