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Several proponents of tough sanctions wanted Iran's energy sector blacklisted and labeled a "zone of proliferation concern," which would effectively ban all business. But the draft bill says the president should impose sanctions, and the provision is nonbinding.
Lawmakers also pushed for sanctions on the directors and shareholders of organizations like Swift, the Society for Worldwide Interbank Financial Telecommunications, unless they stop providing services to the Central Bank of Iran. The draft bill does not target the directors.
Mark Dubowitz, a sanctions expert and executive director of the Foundation for Defense of Democracies, called the legislation a "strong bill that fills numerous loopholes and tightens the sanctions requirements." He said "it could be a lot tougher" if Congress understood as much about the psychology of sanctions as the legality.
The new legislation builds on penalties that took effect this year. They focus on foreign financial institutions that do business with Iran's central bank by prohibiting them from opening or maintaining correspondent operations in the United States. It applies only to foreign central bank transactions that involve the sale or purchase of petroleum or petroleum products.
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