December 13, 2011
Iran sanctions compromise includes opt-outs sought by White House
A compromise congressional bill targeting Iran’s central bank includes opt-outs sought by the White House.
The bill agreed upon by Senate and U.S. House of Representatives negotiators on Monday evening creates more leeway for the administration to opt out of cutting off entities that deal with the bank, Sen. Carl Levin (D-Mich.), the chairman of the Senate Armed Services Committee and the upper body’s lead negotiator, told reporters, according to various media.
“We have written this language so it’s tough,” Reuters quoted Levin as saying.
Cutting off Iran’s Central Bank would effectively shut off the Islamic Republic’s economy from Western trade. The Obama administration sought to moderate the bill, arguing that it needed leeway in order to line up support for sanctions elsewhere in the world before fulling shutting out the bank.