Introduction of Bipartisan Senators' Bill; Iran's Oil Sanctions Intensify

Republican Senator Joni Ernst and Democratic Senator Richard Blumenthal introduced a bipartisan bill on Wednesday to intensify oil sanctions against Iran. The aim of this bill is to cut off the Islamic Republic's financial support to proxy militant and terrorist groups such as Hamas, Palestinian Islamic Jihad, and Hezbollah. Simultaneously, the senators proposed the establishment of a $150 million fund to enhance the enforcement of sanctions against the Islamic Republic, which will assist the Homeland Security Investigations office in seizing Iranian oil shipments that are violating sanctions. Previously, the Department of Homeland Security's investigations led to the seizure of two Iranian oil shipments. Under current law, 75% of the proceeds from U.S. oil seizures is allocated to the U.S. government-supported Victims of Terrorism Fund; however, under the new sanctions enforcement law, an additional 25%—up to $500 million—will go to the fund for intensifying sanctions against the Islamic Republic. This bill also specifies how the seized oil resources will be allocated, with part of it being confiscated for the benefit of the fund supporting victims of state terrorism. On Friday, September 8, the U.S. revealed that in April of this year, it disrupted the shipment of a multimillion-dollar oil cargo by the Islamic Revolutionary Guard Corps and seized over 980,000 barrels of smuggled crude oil, which constitutes a violation of U.S. sanctions. Reuters reported in April that the U.S. had seized the cargo of the tanker 'Suez Rajan,' which was transporting oil from the Islamic Republic at sea. OPEC has turned down the Islamic Republic; there are neither sanctions in place nor expulsion of Israeli ambassadors. The Financial Times reported that the U.S. has called for China's influence to control Iran. The U.S. has sanctioned several individuals and entities linked to Hamas and several members of the Islamic Revolutionary Guard Corps. McCaul called for the passage of a resolution in support of Israel and condemnation of the Islamic Republic.