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July 26, 2012 2:00 am

Congress Attempts to Finalize New, Stricter Iran Sanctions

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Senate majority leader Harry Reid (left) with President Obama in the Oval Office. Photo: wiki commons.

Reuters – Congressional negotiators are trying to finish work on new sanctions aimed at further restricting Iran’s oil revenues, a package they hope to approve by the end of next week before lawmakers leave Washington for an extended recess.

The sanctions, which have been in the works for more than seven months, are designed to crack down on transactions with Iran’s national oil and tanker companies, and to hamper the ability of Iranian banks to transfer funds electronically.

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