Senate Bill Would Halt Iran’s Access to $100 Billion in Cash

A bipartisan group of senators introduced legislation on Wednesday that would deny the Iranian government access to its foreign exchange reserves parked in the banks of other countries, estimated to be $100 billion, mostly in euros. Iran has been able to work around the worst effects of sanctions against it by tapping its foreign currency reserves overseas, which are largely beyond the reach of current restrictions.

“Closing the foreign currency loophole in our sanctions policy is critical in our efforts to prevent Iran from acquiring a nuclear weapons capability,” said the sponsors, led by Sens. Mark Kirk (R-Ill.) and Joe Manchin III (D-W.Va.).

{Andy Heller-Matzav.com Newscenter}