East Idaho Times

U.S. Senator Mike Crapo from Idaho, alongside Tim Scott of South Carolina and other Senate Banking Republicans, has expressed concerns regarding the delayed enforcement of sanctions on Iran's oil sector. In a letter addressed to U.S. Secretary of the Treasury Janet Yellen, they urged the Treasury Department to utilize all available tools to monitor and sanction illicit oil transactions involving Iran.

"Congress has consistently identified Iran's oil sector as a critical area for sanctions due to its significant role in financing destabilizing regional terrorism and nuclear development," the Senators stated. They emphasized concerns over delays in fully implementing the SHIP Act and called for increased sanctions enforcement.

The Senators acknowledged recent actions taken by expanding Executive Order 13902 on October 11th and subsequent measures on December 3rd as positive steps. However, they stressed that "your Department must continue to follow through with rigorous enforcement action." They highlighted that lax enforcement has allowed certain nations, particularly in Southeast Asia, to bypass U.S. sanctions by selling Iranian crude oil to China. For instance, Malaysia is reportedly exporting more oil than it produces, indicating involvement in Iranian oil trade.

To address these issues, the letter demands several pieces of information from the Treasury Department by December 20, 2024:

- An assessment of vessels listed by United Against Nuclear Iran (UANI) for potential sanctions under E.O. 13902.

- A comprehensive evaluation of foreign financial institutions aiding Iranian oil exports.

- A briefing on Treasury’s interactions with foreign governments regarding improved sanctions enforcement.

- A classified briefing on utilizing intelligence resources for monitoring Iranian oil exports.

- An updated advisory from Financial Crimes Enforcement Network (FinCEN) alerting financial institutions about new tactics in sanctions evasion.

Joining Crapo and Scott were Senators Mike Rounds (South Dakota), Thom Tillis (North Carolina), John Kennedy (Louisiana), Bill Hagerty (Tennessee), Katie Britt (Alabama), Kevin Cramer (North Dakota), and Steve Daines (Montana).

The full letter is available for public viewing.