With a vote of 99-0, the legislation has cleared another major hurdle toward becoming law. The House is expected to follow suit and vote on the conference report this afternoon, where it should pass by a similar wide margin...
The bill takes aim at Iran’s refined petroleum sector. Businesses that help supply Iran with refined petroleum or help develop the country’s own refining capacity would be penalized by the legislation.
In addition, the Islamic Revolutionary Guard Corps comes under more scrutiny. Any financial institutions found to be doing business with the Guard or with blacklisted Iranian banks could be denied access to the U.S. financial system under the bill.
Passage of the conference report in the Senate comes after the White House was able to win the support of China and Russia for a new round of United Nations-endorsed sanctions against Iran. The Obama administration wanted Congress to wait on their own sanctions bill while the president negotiated with international allies to come down harder on Iran.