Bill Maintains Bennet-Menendez Amendment to Improve Reporting Requirements on Iran's Energy Sector to Monitor Effectiveness of Sanctions
Colorado U.S. Senator Michael Bennet released the following final Congressional approval of the Iran Threat Reduction and Syria Human Rights Act of 2012, which includes an amendment, led by Bennet and Senator Robert Menendez (D-NJ) that will improve reporting requirements on Iran’s energy sector to monitor the effectiveness of sanctions.
“Iran continues to pose a central threat to our national security and to the stability of the Middle East,” said Bennet. “This bill imposes tough new sanctions on virtually all of Iran’s energy, financial, and transportation sectors and also on groups working with Iran’s oil sector or engaging in joint ventures with the National Iranian Oil Company. We must aggressively use all of the political, diplomatic and economic tools available to us to mobilize the international community and to ensure the effectiveness of our sanctions.”
The Menendez-Bennet amendment strengthens the sanctions against Iran by requiring the President to report on the imports and exports of Iranian crude oil and refined petroleum products to monitor the effectiveness of the economic sanctions. Specifically, it requires the President to identify entities that trade with or purchase crude oil from Iran and other sources of financing for Iranian oil and petroleum. It also requires the report to include a list of entities conducting joint ventures with Iran to develop oil production capacity, upgrade facilities, or build new refineries.
The bill now heads to the White House to be signed into law.