US House passes bill on stricter sanctions on Iranian oil
The US House of Representatives passed a bipartisan bill to impose additional sanctions on Iranian oil and petroleum products.
PHOTO: Iran's flag depicting sanctions, with the US flag in the background. Getty Images
The Stop Harboring Iranian Petroleum Act, also known as the SHIP Act, received 342 votes in favour and 69 against. The bill imposes stricter sanctions on imports of refined products from Iran.
It denies Iran the “ability to engage in destabilizing activities and support international terrorism,” by limiting the country’s export of crude oil and other petroleum products, the bill stated.
The SHIP Act also denies the Arab nation any funds to “oppress and commit human rights violations against the Iranian people assembling to peacefully redress the Iranian regime.”
It further enforces sanctions against any organisation that aids the Iranian energy sector.
In addition to these factors, the SHIP Act also counters Iran’s alleged actions to “finance and facilitate the participation of foreign terrorist organizations in ongoing conflicts and illicit activities.”
The bill sanctions foreign ports that accept shipments of Iranian petroleum products deliberately. It also bolsters strict actions on refineries that process petroleum sourced from Iran and shipowners that knowingly owns or operates a vessel that deals with ship-to-ship transfer of Iranian refined products.
The bill further requires the administrator of the Energy Information Administration (EIA) to “issue an annual report to Congress on Iran’s growing exports of petroleum and their trade with China.”
Iran's alleged involvement in the ongoing Israel-Hamas conflict
The oil market has been on the edge over speculations of Iran’s involvement in funding Hamas terrorists who launched an unprecedented attack on Israel on 7 October. Oil market analysts have previously stated that if Iran’s involvement in the Middle Eastern conflict is proven, the US would not hold back from bolstering sanctions on Iranian oil.
The US House deemed Iran’s involvement in the conflict as a “threat to the vital national interests of the US.”
“The SHIP Act is a crucial step in reversing the Biden Administration’s strategy of appeasement to ensure Tehran does not have the resources to continue funding Hamas’s barbaric attack on Israel,” the US House of Representatives Congresswoman Elise Stefanik said.
She further claimed that Tehran has made approximately $80 billion from illicit oil sales.
“This steady stream of oil revenue provides significant resources for Iran to advance its nuclear program, support terrorism, and brutally oppress the Iranian people,” she added.
“The Biden [US] Administration continues to pander to Tehran through lax enforcement of oil sanctions and the unfreezing of billions in assets,” the congresswoman further said.
By Aparupa Mazumder
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