US Senators Urge Extension of Iran Energy Sanctions

Iranian flag [Getty]

A bipartisan group of senators on Friday introduced a bill to permanently extend the Iran Sanctions Act of 1996, which allowed the US to impose sanctions on Iran’s energy sector.

The bill was introduced by Republicans Tim Scott and Bill Hagerty, and Democrats Maggie Hassan and Jacky Rosen.

It aims to extend the restrictions imposed in the Iran Sanctions Act (ISA) of 1996 beyond 2026, when they are set to expire.

The US Congress has extended the Act numerous times since it first expired in 2011.

On December 1, 2016, ISA was extended for a further ten years.

“The United States, Israel, and our Arab partners remain concerned about the looming threat that a nuclear Iran poses to the stability of the region,” said Senator Scott in a statement on Friday.

He added that US sanctions are a necessary deterrent for this dangerous and unstable regime, which is why the bill will make the cornerstone of sanctions on Iran permanent.

For her part, Rosen argued that the 1996 bill “helped bring Iran to the negotiating table”, and that the new legislation “ensures we maintain the full range of our economic and diplomatic tools to prevent Iran from ever acquiring a nuclear weapons capability.”

Last Tuesday, Senator Hagerty issued a statement to announce his support for the bill.

“As Iran increases its nuclear and ballistic missile threats and its support for terrorism and militancy in the Middle East, the United States should not ease sanctions and make it easier for the regime to continue its malign behavior,” he said.

Also, Senator Hassan stressed that this bipartisan legislation is important for restraining Iran's ability to pursue weapons and technology that threaten the US national security.

In 1996, ISA allowed the president to impose secondary sanctions on Iran’s energy sector.

Throughout the years, ISA provisions were expanded to include other Iranian industries.

In 2010, the Act was amended to require the United States to slap sanctions on foreign companies that invest more than $20 million a year in Iran's oil or gas sector.

The bipartisan bill comes as the US and Iran appear to be close to a nuclear deal, after the European Union sent a final offer for reaching a deal on nuclear talks that started between both sides 16 months ago.

Iran responded to the text, and reportedly asked for reassurances that the US respects Tehran’s red lines.