(WLS) – The U.S. Senate voted unanimously Saturday morning to pass an amendment to the Budget Resolution that aims to close loopholes in U.S. and European Union sanctions against Iran.
The amendment, sponsored by senators Mark Kirk (R-Ill.) and Joe Manchin (D-W. Va.), supports efforts to block Iran’s access to foreign exchange reserves and limit the ability of Iranian entities to conduct business in euros.
According to a statement from Kirk’s office, entities such as the Central Bank of Iran currently maintain bank accounts around the world with foreign exchange reserves, most of which are in euros. Kirk’s amendment is meant to prevent Iran from circumventing the impact of existing sanctions by converting foreign-held euros into local currency to stabilize its economy.
The amendment follows a Feb. 25 letter to the EU signed by 36 senators urging the council to close the “euro loophole” in its sanctions policy.
“Closing the euro loophole in our sanctions policy is critical in our efforts to prevent Iran from acquiring a nuclear weapons capability,” Kirk said in the statement. “The U.S. Senate has spoken and now the European Union needs to act.”
