The Republican members of the Senate Banking Committee are raising concerns about the delayed implementation and enforcement of sanctions on Iran’s oil sector.
The Republicans on the committee, led by ranking members Sen. Tim Scott (R-SC), urged the Treasury Department to deploy all available sanctions enforcement tools to monitor and sanction illicit oil transactions involving Iran. The lawmakers are also asking for the Treasury Department to provide detailed information regarding the administration’s efforts to do so.
“Congress has consistently identified Iran’s oil sector as a critical area for sanctions due to its significant role in financing destabilizing regional terrorism and nuclear development. Unfortunately, delays in fully implementing the SHIP Act remain a concern, as does the need for increased sanctions enforcement,” the Republicans wrote.
Along with Scott, the letter was signed by Sens. Mike Crapo (R-ID), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-LA), Bill Hagerty (R-TN), Katie Britt (R-AL), Kevin Cramer (R-ND), and Steve Daines (R-MT).
“The recent determination on October 11th to expand Executive Order 13902 to persons supporting Iran’s petroleum or petrochemical sectors and the subsequent action on December 3rd are encouraging steps, but now your Department must continue to follow through with rigorous enforcement action. Lax sanctions enforcement has enabled certain nations, particularly in Southeast Asia, to openly disregard U.S. sanctions and sell Iranian crude to China,” they added in the letter.
They asked the Treasury Department to respond to a series of questions by Dec. 20.