According to Bloomberg, the U.S. House approved new sanctions targeting Iran’s oil sector as part of a foreign aid package, advancing the measure towards likely passage in the Senate within days.
This legislation, which is part of a $95 billion foreign aid package for Ukraine, Israel, and Taiwan, was approved by a vote of 360-58 on 20th April.
As explained, approximately 80% of Iran’s daily oil exports, around 1.5 million barrels, are sent to independent refineries in China known as “teapots,” according to a summary of similar legislation.
While these sanctions could impact Iranian petroleum exports and potentially increase the price of a barrel of crude by up to $8.40, they also include presidential waiver authorities, according to ClearView Energy Partners, a consulting firm based in Washington, D.C.
In October, U.S. Treasury Secretary Janet Yellen rejected the widespread belief that the U.S. had relaxed sanctions enforcement on Iranian oil sales as part of diplomatic efforts towards reconciliation.
