FDD Applauds Introduction of Senate Banking Committee Iran Sanctions Bill

Washington, D.C. (October 29, 2009) – The Foundation for Defense of Democracies welcomed legislation to be introduced today by Senator Christopher Dodd (D-CT), chairman of the Committee on Banking, Housing, and Urban Affairs, to impose a variety of strong new sanctions on Iran, including sanctions on companies that sell gasoline to Iran and the insurance and reinsurance companies that facilitate this trade.

The Comprehensive Iran Sanctions, Accountability and Divestment Act will be marked up by the Senate Banking Committee on Thursday, Oct. 29. It includes language from the Iran Refined Petroleum Sanction Act (IRPSA), whose lead sponsors are Senators Bayh (D-IN), Lieberman (I-CT), and Kyl (R-AZ). It also includes measures to expand the Iran Sanctions Act, to impose a broad ban on imports from and exports to Iran, and to enable Americans to divest from energy firms doing business with the regime.

“This legislation provides real teeth to a comprehensive economic warfare strategy against the Iranian regime,” said FDD Executive Director Mark Dubowitz. “The goal of these sanctions is to ratchet up the economic pressure on a regime which has squandered Iran’s oil wealth through egregious corruption and mismanagement as well as an obsessive drive to build a nuclear bomb at the expense of improving the livelihood of its people. Tough new sanctions, especially on Iran’s ability to import gasoline, won’t change the regime’s behavior overnight. But they will inflict real pain on the regime and send a message to the opposition that the United States stands with them against tyranny.”

“With the House and Senate both advancing gasoline sanctions this week, Congress is giving the Obama administration the tools it will need to pursue tough, smart diplomacy against the regime’s nuclear weapons program,” said Dubowitz, who leads FDD’s Iran Energy Project focused on gasoline sanctions against Iran. “Congress deserves praise for moving expeditiously to advance this important legislation.”

The Foundation for Defense of Democracies has researched the energy companies that supply Iran with gasoline and identified significant points of leverage that can be used to convince them to end their trade. It has also conducted extensive research on the insurance and reinsurance companies that facilitate gasoline sales to Iran.

For more information on FDD’s Iran Energy Project, the companies involved in supplying Iran with gasoline, and ways to significantly reduce Iran’s gasoline imports, please visit IranEnergyProject.org or contact Judy Mayka at
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