Iran Nuclear NewsUS warns firms trading with Iran

US warns firms trading with Iran

-

BBC News: The US is threatening to get much tougher with international energy companies that do business with Iran. Oil firms may face fines and other penalties if they sign deals to develop Iranian reserves of oil and gas, a State Department source told the BBC.
BBC News

By Mark Gregory
BBC News, Washington

The US is threatening to get much tougher with international energy companies that do business with Iran.

Oil firms may face fines and other penalties if they sign deals to develop Iranian reserves of oil and gas, a State Department source told the BBC.

The statement marks an escalation of US financial pressure aimed at persuading Tehran to abandon alleged plans to develop nuclear weapons.

Iran insists its nuclear programme has no military application.

A law already on the statute book gives the US government wide ranging authority to penalise companies doing business with Iran.

Blunt message

Under the Iran Sanctions Act Washington can fine not just American firms, but any company anywhere that does more than $20m business with Iran.

But so far the US government has generally chosen not to use these powers.

However, this stance may be about to change.

Nicholas Burns, one of the most senior officials at the State Department, has a blunt message for energy companies considering Iranian deals.

“We have been going round to the major oil and gas firms to let them know that this law exists and that we implement it if they cross the line,” he said.

The Bush administration has come under pressure from Congress, now Democrat controlled, to take a stronger line with companies trading with Iran.

Mr Burns, when asked if he was talking tough simply to keep the US legislature happy, said: “I wouldn’t assume it. We have a requirement to enforce the law”.

A number of European energy giants – including Shell, Repsol of Spain and France’s Total – are at the moment considering multi-billion dollar contracts to develop Iranian gas fields.

Chinese and Malaysian energy groups are also showing interest in Iran.

The US government is none too subtly warning them all to back off now.

Latest news

 Statistics show that New Year accidents’ deaths in Iran reached 585

Ahmad Shirani, the head of the Information and Traffic Control Center of the Iranian regime’s police, announced that the...

Land Subsidence in Critical Conditions in Isfahan

Mehdi Toghyani, a member of the Iranian regime’s Majlis (parliament), pointed to the occurrence of land subsidence in various...

Iran’s Actual Inflation Rate Higher Than Official Stats

The state-run Donya-e-eqtesad newspaper, in a report analyzing the "general sentiment" regarding inflation in 2023, has stated that households...

Iranian Workers’ Monthly $136 Wages Can’t Cover $500 Expenses

The lives of a significant portion of the Iranian population are marked by uncertainty, largely because the Iranian economy...

Iranian Nurses Earn Twice Their Wages in Ride-Hailing Services

Reza Aryanpour, a member of the regime’s Majlis (parliament) Health and Treatment Commission, highlighted the growing trend of nurses...

Iran: Unprecedented Record of 152 Million Liters of Gasoline Consumption Per Day

On March 19, Iran set a new historical record in gasoline consumption with 152 million liters consumed in one...

Must read

Up to 10 killed in Iran pipeline blast – report

Reuters: Up to 10 Iranian workers died on Saturday...

Baghdad wall may signal trouble as U.S. fights Iran surrogates

Bloomberg: American soldiers call it “Fighting with concrete.” Unable...

You might also likeRELATED
Recommended to you