BREAKING NEWS

US Republicans offer bill to block potential Iran dollar use

By REUTERS

APRIL 6, 2016 23:54

Updated: APRIL 6, 2016 23:53

WASHINGTON - Two Republican US senators who oppose the nuclear agreement with Iran introduced a bill on Wednesday that would keep Iran from gaining even indirect access to the US financial system or using US dollars in business transactions.

The measure introduced by Senators Mark Kirk and Marco Rubio came amid media reports that US officials were moving toward allowing such transactions. President Barack Obama has denied having such plans.

The legislation would prohibit the president from issuing any license for conducting an offshore US dollar clearing system for Iranian transactions or providing any such system with US dollars.

It also would impose secondary sanctions on any financial institution found to be participating in any offshore dollar clearing system with Iran.

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