Lipinski: New Sanctions Against Chinese Company and Others Investing in Iran's Energy Sector are a Start, but More Must Be Done

Today, Congressman Dan Lipinski (IL-03) applauded the State Department’s decision to impose sanctions against three foreign companies, including one from China, that have done business with Iran’s energy sector in violation of U.S. sanctions intended to isolate Iran and compel it to abandon its plans to develop a nuclear weapon.

The decision to impose sanctions comes in the wake of Congressman Lipinski’s letter to Secretary of State Hillary Clinton in October, co-signed by 38 other members of the House of Representatives, which urged a broader use of available sanctions against foreign companies that invest in Iran’s energy sector.

“The sanctions announced last week are a step in the right direction, but they should be just the beginning,” Congressman Lipinski said. “Iran’s energy sector is the lifeblood of its economy, and too many foreign companies have ignored calls from the United States and the international community to cease investment in Iran. We need to act to force the current regime to reconsider its determination to acquire nuclear weapons before it is too late. A nuclear-armed Iran would be a disaster for the Middle East and our national security.”

The sanctions will prevent the three firms from receiving U.S. export licenses, U.S. Export Import Bank financing, or loans over $10 million from American financial institutions. However, other companies continue to remain untouched by United States or international sanctions.

“It is no secret that many of the companies leading investment in Iran are based in China,” Congressman Lipinski said. “Our government should continue to investigate the activities of those firms and impose sanctions in accordance with U.S. law whenever required.”

(January 18, 2012)


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