Senate approves sanctions on Iran Central Bank
The Seattle Times / Donna Cassata
01-Dec-2011 (one comment)

The Senate unanimously approved tough new sanctions on Iran's Central Bank amid fears of Tehran developing a nuclear weapon.

The 100-0 vote Thursday was for an amendment to the defense bill. Lawmakers had argued that concerns about a nuclear-armed Iran outweighed reservations about driving up oil prices and hurting Americans at the gas pump.

Sens. Bob Menendez of New Jersey and Mark Kirk of Illinois offered the amendment that would target foreign financial institutions that do business with the Central Bank of Iran, barring them from opening or maintaining correspondent operations in the United States. It would apply to foreign central banks only for transactions that involve the sale or purchase of petroleum or petroleum products.

Administration officials cautioned that driving up oil prices could mean more money for Iran.

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logic of the Senate

by Truthseeker9 on

Iran's economy and nuclear program depend on oil revenue, which must pass through the central bank. Cutting off the central bank from the outside world will, it is hoped, bring Iran's economy to its knees. Better than military action.

Republican Senator Mark Kirk of Illinois says, "The central bank of Iran is the heart and soul of a web of terror, of nuclear production, of human rights abuse, and the oppression of other peoples, principally in Syria."