U.S. Senate May Approve $150M Fund to Crack Down on Iranian Oil AgainThe tanker Pegas' Iranian oil cargo was briefly seized in 2022 (File image courtesy Russian Embassy in Greece)The U.S. Senate is getting ready to fully fund the enforcement of sanctions on Iranian oil shipping, putting teeth into existing restrictions. The U.S. has imposed sanctions on moving or buying Iranian oil since the Trump administration withdrew from the Joint Comprehensive Plan of Action (Iran nuclear deal) in 2018-19. Enforcement was initially forceful, and Iran's oil exports quickly fell from about 2.9 million barrels per day to just 775,000 barrels per day. The new bill, sponsored by Sen. Joni Ernst, would provide $150 million to create a sanctions-enforcement fund for Homeland Security Investigations, the department tasked with conducting Iranian oil cargo seizures. Greek authorities allowed an Iranian tanker to take the seized oil back four months later.

Source: Wall Street Journal October 20, 2023 07:38 UTC