Reuters
March 28, 2012

The U.S. Senate may soon consider a new package of sanctions targeting Iran’s oil revenues, Democratic Majority Leader Harry Reid said on Tuesday.

The legislation would focus on foreign banks that handle transactions for Iran’s national oil and tanker companies, and include a host of measures aimed to close loopholes in existing sanctions.

The Obama administration’s latest set of penalties signed into law in December have made it increasingly difficult for Tehran to sell its oil and are aimed at slowing Iran’s nuclear program, which Tehran has said is purely for civilian purposes. The West contends the program is for nuclear weapons.

Read more