US Wants to Punish Foreign Oil Firms Doing Business With Iran
The US Congress is a step closer to passing legislation that would punish foreign energy companies that do business with Iran. The House's foreign affairs panel passed the proposed law 37:1 with representatives on both sides of the aisle accusing Iran of trading energy for terror. Click here to read the full story.
Since the 1979 Islamic revolution, both the US and UN have imposed economic sanctions against Iran with little effect. The US Congress is changing tactics, threatening to impose penalties against countries that ignore those sanctions and choose to trade with Iran for their own economic benefit.
Many European and Japanese companies have profited from lucrative oil and natural gas contracts with Iran. By bolstering Iran's economy despite international censure, they have negated the sting of levied sanctions. Perhaps if they have to pay a price themselves, they will be more willing to forgo personal profit for the international good.
"Foreign investment in Iran equals money for terrorism and attacks on Americans," said Democrat Gary Ackerman. "Investment in Iran's petroleum sector enables that country to pursue nuclear weapons, to arm insurgents fighting American troops, and to underwrite Hezbollah and Hamas."
Since the 1979 Islamic revolution, both the US and UN have imposed economic sanctions against Iran with little effect. The US Congress is changing tactics, threatening to impose penalties against countries that ignore those sanctions and choose to trade with Iran for their own economic benefit.
"Pressuring companies to cut their financial ties with Iran is critical to ensuring that sanctions have their intended result," said Democratic presidential hopeful Barack Obama.
Many European and Japanese companies have profited from lucrative oil and natural gas contracts with Iran. By bolstering Iran's economy despite international censure, they have negated the sting of levied sanctions. Perhaps if they have to pay a price themselves, they will be more willing to forgo personal profit for the international good.
Labels: foreign policy, Iran, nuclear, sanctions, United Nations
Heck, Henry ford made a fortune building panzer tanks for germany just before we entered ww2, so did Sinclair oil,Nothing new. WhatI would like to see is every Senator and Congressman go on record that they or members of their families are currently not making any any money directly or indirectly off of interests in Iraq.(the way Albrightand others set up a collection agency to salvage some of UAE loans to Iraq before the war, while pressuring other countries to forgive Iraqi debt. This war has cost us over 350 billion dollars and I am certain is rife with war profiteering and is ripe for scrutiny by the American tax payer. How about sponsoring a "truth in government" bill.(what an original concept) There probably already is one and like the old immigration bills they were never enforced. I think its time well overdue that they turn those highpowered telescopes on themselves.
I think its a disgrace and an outrage that we have effectively obliterated Iraq, threaten expansion into Iran, and neither country flew into the world trade center, yet we stand shoulder to shoulder with the very wahabist government where they did come from in Egypt and Saudi Arabia.I guess we deserve the friends we pick.
Well, My granddaughter is pulling at me to take her out. I will leave it all you experts to ponder and yonder the rest of the mess. But remember the more you stirrup stuff, the more its gonna stink.
Posted by SgtYork | Sun Jul 01, 09:59:00 PM EDT