New Economic Sanctions Possible for Iran

Members of the U.S. Senate’s Armed Services Committee have expressed tightening economic sanctions on Iran on the heels of the 2017 Munich Security Conference. The primary reason of concern include Iran’s ballistic missile tests in early February.

Iran’s ballistic missile test in contravention to U.N. Security Council Resolution 2231 have already resulted in the addition of 13 people and 12 companies to the Specially Designated Nationals List by the Treasury Department. The individuals and companies that were added are regarded as supporting the Islamic Revolutionary Guard Corps and Iranian Government’s missile program.

So far there has been no policy proposals or legislation put forth by the senate. However, Senator Lindsey Graham (R-SC) is quoted by Reuters as stating “I think it is now time for the Congress to take Iran on directly in terms of what they’ve done outside the nuclear program” during a panel discussion at the Munich Security Conference. Given tensions in the region and the relative success that economic sanctions have produced in the region, further additions to the specially Designated Nationals List as well as tightened controls on exported products are likely.

Allyn Contributor: Danielle Brazil Hudson, LCB

Resources:

http://thehill.com/policy/defense/317864-trump-makes-right-turn-on-iran

http://thehill.com/homenews/senate/320314-senators-eye-new-sanctions-against-iran

http://www.reuters.com/article/us-germany-security-iran-usa-idUSKBN15Y0CW