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Iran's financial partners will be hit by new sanctions, if draft legislation proposed by the US House of Representatives becomes effective.
The measures would effectively deny foreign banks access to the US financial system, if they do business with key Iranian banks or its Revolutionary Guard Corps. The proposal, which also includes sanctions on Iran's gasoline suppliers, was announced in a joint statement by Senator Chris Dodd and Representative Howard Berman.
It is being circulated among House and Senate negotiators, and will have to pass both chambers to become law. Key lawmakers want Congress to pass the bill by early next month, to strengthen the existing US sanctions on Iran.
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