New Bipartisan Bill Seeks to Sanction Iran-China Oil Trade
A bipartisan bill introduced in the Senate and House could lead to new sanctions on entities that process or trade Iranian oil, including through ship-to-ship transfers. The Stop Harboring Iranian Petroleum (SHIP) Act would also require the Biden administration to report on the “increase of exports of petroleum and petroleum products from Iran.”
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The bill is designed to target Chinese purchases of Iranian oil, said Sen. Marco Rubio, R-Fla., who said in a press release that Chinese refineries were reportedly “processing, refining or engaging” with about 1.2 million barrels of Iranian oil per day as of February. “As the regime in Tehran continues to enrich itself through the sale of sanctioned oil, we must ensure that U.S. sanctions on all individuals and entities linked to the illicit trade of Iranian oil are rigorously enforced,” said Rubio, who introduced the legislation in the Senate along with Maggie Hassan, D-N.H., and Jacky Rosen, D-Nev.
Reps. Mike Lawler, R-N.Y., and Jared Moskowitz, D-Fla., introduced companion legislation in the House. The text of the bill wasn’t yet available.