National security package includes Iran sanctions crackdown
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Apr. 23—WASHINGTON — A sanctions crackdown on those who enable the illicit purchase of Iranian oil is included in the $95 billion national security package pending in the U.S. Senate, according to Sen. Maggie Hassan, D-N.H.
U.S. Sens. Marco Rubio, R-Florida, Jacky Rosen, D-Nevada, and Hassan introduced the Stop Harboring Iranian Petroleum (SHIP) Act, in June 2023 after reports that Chinese refineries were processing 1.2 million barrels of Iranian oil per day.
"Iran's recent direct attack on Israel underscores the need to further cut off the Iranian regime's key revenue streams," Hassan said in a statement.
"I am glad that our bipartisan legislation to impose sanctions on those who enable purchases of Iranian oil is included in the House's national security package."
Highlights of the bill include:
—Setting a statement of policy that the United States should deny Iran the ability to engage in destabilizing activities.
Imposing sanctions against entities that engage in the illicit Iranian oil trade, such as through ship-to-ship transfers of oil, entities that own refineries that process Iranian oil, as well as entities that are included on the Treasury Department's list of specially designated nationals and blocked persons list.
Requires the Biden administration to produce a report on increase of exports of petroleum and petroleum products from Iran.
The package with aid money for Ukraine ($61 billion), Israel ($26 billion) and Taiwan ($8 billion) includes two other bills that both Sens. Jeanne Shaheen, D-N.H., and Hassan have co-sponsored.
The FEND OFF Fentanyl Act targets the illicit fentanyl supply chain by allowing the Treasury Department to increase penalties for synthetic opioid trafficking and money laundering.
The second bill is the REPO for Ukrainians Act, that gives additional assistance to Ukraine using assets confiscated from the Central Bank of the Russian Federation.
Under the Ukraine-related bill, President Joe Biden must require U.S. banks to notify if any Russian sovereign assets exist at their institutions and make them subject to confiscation by the U.S. Any proceeds would then be deposited into the Ukraine Support Fund.
The House passed the national security package in four separate bills by an overwhelming vote last weekend.
The first vote for the final package in the Senate is expected soon.
