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May 08, 2013

Senators Want Iranian Access to Foreign Cash Blocked

by VOA News

A bipartisan group of U.S. senators has introduced a bill to stop Iran from gaining access to billions of dollars in foreign currency reserves.
 
In the Iran Sanctions Loophole Elimination Act, sponsors say Iran is trying to avoid U.S. and European Union sanctions by converting its foreign accounts from euros into local currencies.
 
The legislation would impose U.S. sanctions on overseas banks if they convert Iranian-held euros into other currencies.
 
U.S. officials believe Iran is using foreign reserves to shore up its struggling economy and invest in its nuclear program.
 
The United States and EU accuse Iran of trying to build nuclear weapons. Iran denies the charge.
 
Some information for this report was provided by Reuters.