December 1, 2023
US senators from both parties are drafting legislation to help the federal government enforce oil sanctions on Iran more intensely, the office of Senator Joni Ernst, a Republican from Iowa, told Reuters October 19.
Ernst is spear-heading the bill to create a $150 million Iranian sanctions enforcement fund for the Department of Homeland Security Investigation (HSI) office, with a priority on Iranian petroleum sanctions. The bill will be co-sponsored by Senator Richard Blumenthal, a Democrat from Connecticut.
The Homeland investigative office has conducted probes that have led to the seizure of only two cargoes of Iranian oil since its enforcement program was activated four years ago in 2019. Such actions come with high upfront costs, which have not always been fully available and which the new fund is meant to correct.
If passed, it is likely to mean the seizure of many more cargoes of Iranian crude. These seizures infuriate the Islamic Republic, which has been unable to do anything to stop them.
The most recent seizure by the Justice Department in April was a cargo carried by the Suez Rajan tanker. The Pasdaran had been trying to use the Greek-owned tanker to send nearly 1 million barrels of Iranian oil to China, in violation of US sanctions.
“Instead of allowing Iran’s illegal actions to continue, I’m working to cut the red tape and equip HSI, and its proven record of enforcing sanctions, with the support and resources it needs to go after and stop Tehran,” Ernst’s statement said.
Under the draft bill, 75 percent of funds from US oil seizures would go to the US Victims of State Sponsored Terror Fund.
The other 25 percent would go to the enforcement fund, which would be capped at $500 million, and additional funds would help pay down the national debt.
enators work on bill to speed seizures of Iran oil