This bill would impose additional economic sanctions on Iran if current international negotiations on Iran’s nuclear program do not yield a final deal by June 30, 2015. Sanctions would be implemented only if the negotiations fail to produce a deal by the deadline.
The new sanctions would:
- abolish existing loopholes in current petroleum sanctions;
- strengthen sanctions on Iran’s oil trade and financial transactions;
- impose further sanctions on Iran’s senior government officials and other individuals for assisting in the proliferation of weapons of mass destruction (WMDs) or sponsoring terrorism;
- tighten around Iran’s shipbuilding, automotive, construction, engineering and mining sectors.
Iran is currently negotiating with six major powers (U.S., U.K., China, France, Russia, and Germany) on reaching a comprehensive deal in which Iran could continue a peaceful nuclear energy program, and the international community could rest assured that Iran is not developing nuclear weapons. The original deadline to reach a deal was July 20, 2014. When a deal could not be reached by that date, it was subsequently extended until November 24, 2014, then extended again to June 30, 2015.