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The Iran Sanctions Act (ISA)
Authors: Kenneth Katzman; LIBRARY OF CONGRESS WASHINGTON DC CONGRESSIONAL RESEARCH SERVICE |
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Abstract: International pressure on Iran to curb its nuclear program is increasing the hesitation of many major foreign firms to invest in Iran's energy sector, hindering Iran's efforts to expand oil production beyond 4.1 million barrels per day. However, Iran continues to attract energy investment interest from firms primarily in Asia, which appear eager to fill the void left by major European and American firms and to line up steady supplies of Iranian oil and gas. The formal U.S. effort to curb energy investment in Iran began in 1996 with the Iran Sanctions Act (ISA). No firms have been sanctioned under it and the precise effects of that law on energy investment in Iran -- as separate from other factors affecting international firms' decisions on whether to invest in Iran -- has been unclear. In the 110th Congress, two bills passed the House (H.R. 1400 and H.R. 7112) that would add several ISA provisions. As many in Congress express concern about Iran's continuing progress on its nuclear program, versions or variations of these bills have been introduced in the 111th Congress. Related legislation broadening sanctions on foreign firms that not only invest in but also supply Iran's energy sector was passed as a Sense of Congress amendment to S.Con.Res. 13, the FY2010 budget resolution. Additional ideas discussed by observers focus on adding certain activities that would constitute violations of ISA, such as provision of shipping insurance to Iran's tanker fleet, maintaining a business presence in Iran, selling refined gasoline to Iran, or supplying equipment to or performing the construction of oil refineries in Iran. This report will be updated regularly. See CRS Report RL32048, Iran: U.S. Concerns and Policy Responses, by Kenneth Katzman.
| Description: |
Congressional rept. |
| Pages: |
12 |
| Report Date: |
14-Apr-2009 |
| Report Number: |
A653005 |
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