US and EU Amplify Sanctions Pressure on Iran While US Senate Committees Propose Legislation Requiring Companies to Disclose Their Iranian Business Dealings
New US sanctions against Iran come amidst the imposition of collaborative international pressure on Iran via an EU Iranian oil embargo designed to suppress Iran’s nuclear ambitions. Executive Order 13599, effective February 6, 2012, implements new US sanctions targeting Iran’s financial sector that were authorized by Section 1245 of the National Defense Authorization Act (“Sec. 1245”). Two pending bills also are being considered by the US Senate that would, among other things, force certain firms to disclose whether they have engaged in business with Iran. Some form of these bills will likely be enacted soon.
