House Republican Whip Roy Blunt urged the administration to use the authority granted to it by Congress to investigate whether Venezuelas $1 billion joint-venture with Iran can be sanctioned under the Iran Sanctions Act, which was reauthorized under a bill authored by Rep. Ileana Ros-Lehtinen (R-Fla.) and passed by Congress under Blunts leadership in 2006.
Our country has a clear and growing interest in making sure Mahmoud Ahmadinejad doesnt obtain the resources or capacity needed to support a nuclear weapons program, said Blunt. On that, we all agree. Thats why Republicans and Democrats came together to pass the Iran Sanctions Act more than a decade ago, and its why that authority should be used now to investigate the $1 billion investment the Venezuelan government is planning to make in Iran.
According to reports first surfacing in October, the government-run oil companies of Iran and Venezuela have begun the process of forming a joint energy venture, with the goal of creating a fully integrated oil company. Such an operation would entail the production of energy, the refining of it, and possibly even the retail sale. Estimates suggest the investment in Iran could surpass $1 billion.
Originally signed into law by President Clinton in 1996, the Iran Sanctions Act (which then included Libya) gives the president a full menu of options to respond to efforts by private entities looking to invest in Irans energy sector. Neither Clinton nor the current administration has ever utilized the authority codified in the law, in spite of numerous, and seemingly clear, violations of the Act.
If we have any expectation that our sanctions against Iran are going to work, we should start by making sure theyre enforced, said Blunt. The Ahmadinejad regime relies heavily on foreign investment in its energy sector for both the money and fuel it needs to pursue its ambitions. To the extent possible, we must demonstrate in clear terms that, when countries start down the path of nuclear armament, there are consequences for those actions.
Added Blunt: If this growing nexus between Venezuela and Iran on energy cooperation doesn't rise to the level where the State Department initiates an investigation, then Congress needs to re-examine the flexibility of this law.
Source: SPX
Our country has a clear and growing interest in making sure Mahmoud Ahmadinejad doesnt obtain the resources or capacity needed to support a nuclear weapons program, said Blunt. On that, we all agree. Thats why Republicans and Democrats came together to pass the Iran Sanctions Act more than a decade ago, and its why that authority should be used now to investigate the $1 billion investment the Venezuelan government is planning to make in Iran.
According to reports first surfacing in October, the government-run oil companies of Iran and Venezuela have begun the process of forming a joint energy venture, with the goal of creating a fully integrated oil company. Such an operation would entail the production of energy, the refining of it, and possibly even the retail sale. Estimates suggest the investment in Iran could surpass $1 billion.
Originally signed into law by President Clinton in 1996, the Iran Sanctions Act (which then included Libya) gives the president a full menu of options to respond to efforts by private entities looking to invest in Irans energy sector. Neither Clinton nor the current administration has ever utilized the authority codified in the law, in spite of numerous, and seemingly clear, violations of the Act.
If we have any expectation that our sanctions against Iran are going to work, we should start by making sure theyre enforced, said Blunt. The Ahmadinejad regime relies heavily on foreign investment in its energy sector for both the money and fuel it needs to pursue its ambitions. To the extent possible, we must demonstrate in clear terms that, when countries start down the path of nuclear armament, there are consequences for those actions.
Added Blunt: If this growing nexus between Venezuela and Iran on energy cooperation doesn't rise to the level where the State Department initiates an investigation, then Congress needs to re-examine the flexibility of this law.
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