New Iran sanctions would cover gasoline

Two congressional representatives announced bipartisan legislation extending sanctions against Iran to include gasoline exporters.

Under the Iran Sanctions Enhancement Act of 2007, announced Thursday by Mark Kirk (R-Ill.) and Rob Andrews (D-N.J.), sanctions would be placed on any company or individual that supports Iran’s ability to import gasoline after Dec. 31. The bill would affect gasoline brokers, tankers and insurers, such as the Dutch trading house Vitol and the British insurer Lloyds of London.

“An international restriction on the supply of gasoline would serve as a critical diplomatic tool to deny Iran the ability to further its efforts to acquire nuclear weapons,” said Andrews.

Iran is ranked as a top petroleum-exporting nation, but cannot meet domestic demands for fuel and imports 40 percent of its gasoline. Violent demonstrations broke out Wednesday after Iran’s oil ministry introduced new gasoline ration requirements.

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