Bill 119 HR 1422, also known as the "Iran Oil and Gas Sanctions Act," aims to impose sanctions on individuals or entities involved in logistical transactions and sanctions evasion related to oil, gas, liquefied natural gas, and petrochemical products from Iran. The bill specifically targets those who engage in activities that support Iran's energy sector, which is a key source of revenue for the Iranian government.
The sanctions outlined in the bill are intended to increase pressure on Iran and deter them from engaging in activities that threaten regional stability or violate international agreements. By targeting individuals or entities involved in sanctions evasion, the bill seeks to disrupt Iran's ability to profit from its energy exports and fund activities that are contrary to US interests.
In addition to imposing sanctions, the bill also includes provisions for reporting requirements and enforcement mechanisms to ensure compliance. This includes measures to monitor and track transactions related to Iranian oil, gas, and petrochemical products, as well as penalties for those found to be in violation of the sanctions.
Overall, Bill 119 HR 1422 represents a bipartisan effort to address concerns about Iran's activities in the energy sector and to hold accountable those who seek to evade existing sanctions. The bill aims to strengthen US policy towards Iran and promote stability in the region by targeting key sources of revenue for the Iranian government.