Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Extension of Iran Sanctions Act passes U.S. Congress

Published 12/01/2016, 05:11 PM
Updated 12/01/2016, 05:11 PM
Extension of Iran Sanctions Act passes U.S. Congress

By Patricia Zengerle

WASHINGTON (Reuters) - The U.S. Senate passed a 10-year extension of sanctions against Iran on Thursday, sending the measure to the White House for President Barack Obama to sign into law and delaying any potentially tougher actions until next year.

The measure passed by 99-0. It passed the House of Representatives nearly unanimously in November, and congressional aides said they expected Obama would sign it.

The ISA will expire on Dec. 31 if not renewed. The White House had not pushed for an extension, but had not raised serious objections.

Members of Congress and administration officials said the renewal of the Iran Sanctions Act (ISA) would not violate the nuclear agreement with Iran reached last year.

"While we do not think that an extension of ISA is necessary, we do not believe that a clean extension would be a violation of the JCPOA (Iran deal)," a senior administration official said.

Iranian Supreme Leader Ayatollah Khamenei said recently the extension would breach the agreement and threatened retaliation.

Democrats who backed the accord said they did not believe the ISA extension violated the pact because it continued a sanctions regime that was already in place. They said they had not heard such objections from U.S. partners.

"I have not heard strident objections from our key allies in the JCPOA," Democratic Senator Chris Coons told reporters.

The agreement was signed by the United States, Britain, Russia, France, China, Germany and Iran.

Congress' action did not address the fate of the nuclear pact, which was opposed by every Republican in the Senate and House. Lawmakers said it would make it easier for sanctions to be quickly reimposed if Iran violated the deal.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Republican U.S. President-elect Donald Trump railed against the pact as he campaigned for the White House. Many other members of his party, which also controls Congress, have called for the new administration to tear up the agreement.

Senate Foreign Relations Committee Chairman Bob Corker said the renewal ensures Trump can reimpose sanctions Obama lifted under the deal, in which Iran curbed its nuclear program in exchange for sanctions relief.

"Extending the Iran Sanctions Act ... ensures President-elect Trump and his administration have the tools necessary to push back against the regime’s hostile actions," Corker said in a statement.

Trump becomes president on Jan. 20. Corker has been mentioned as a possible Trump secretary of state.

(Fixes typo in word "objections" in paragraph 8.)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.