Washington, Sep 9 - Basing
it on the experience of Reliance-Iran tie up in the past, a key Senate
Committee has approved changes in an Act that would ban the Export-Import Bank
from assistance for foreign projects where a controlling sponsor is doing
sanctionable business with Iran.
ÒThis amendment will prohibit the Export Import
Bank from assisting entities like India's
Reliance Industries, which was selling refined petroleum to Iran,Ó said a
joint statement issued by Senators Robert Menendez and Mark Kirk.
In 2007-08, the Export Import Bank provided
USD 900 million in loan guarantees for exports and services to Reliance,
including USD 400 million to help finance the Jamnagar
refinery, which was in turn selling refined petroleum products to Iran, the
Senators said.
Senators
Menendez and Kirk were instrumental in relevant amendments in the Export-Import
Bank Reauthorization Act.
As a result, the Act, among other things, will
now prohibit the Bank from extending guarantees, insurance or extensions of
credit to US companies or their subsidiaries that are violating US sanctions
against Iran.
It will also ban export assistance for foreign
projects where a controlling sponsor is doing sanctionable business with Iran.
ÒIt is important that we use every opportunity
and channel to impede Iran
s relentless drive to develop nuclear weapons.
ÒThe new Iran sanctions law passed by Congress in 2010
and the Obama Administration s efforts to multilateralism sanctions has made a
difference, but Iran
s mullahs (clergy) are persistent,Ó Menendez said after the business meeting in
the Senate Committee.
ÒJust last week, the IAEA confirmed that Iran is loading P-2 centrifuges at Qom, which will allow Iran to significantly enhance its
uranium enrichment capacity. As long as Iran continues on her march toward
nuclear weapons, we will continue to expand and enhance our efforts to stall
and thwart her achievement,Ó he said.
ÒThis amendment ensures that taxpayer dollars
will not help the Iranian government avoid sanctions for building nuclear
weapons,Ó said Senator Kirk.
ÒWe should now move
beyond this step to the one recommended in August by 91 Senators: collapse the
Central Bank of Iran,Ó
Kirk said.
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