-- Legislation pushing Joe Biden to ratchet up sanctions on Iranian crude oil is on track to become law as soon as this week. But don’t expect the president to fully use his new powers any time soon.The measure was passed by the US House of Representatives over the weekend as a response to Iran’s attack on Israel earlier this month.
If implemented and enforced, the new sanctions could add as much as $8.40 to global prices, according to ClearView Energy Partners, a Washington-based consulting firm. The legislation would expand the definition of a “significant financial transaction” under existing US sanctions to include transactions of any size made between Chinese and Iranian financial institutions to purchase Iranian oil, according to a summary of the legislation by Bloomberg Government.
Still, sanctions waivers may become harder for Biden to defend if Iran and its proxies engage in more direct aggression toward Israel. The GOP frontrunner and his bond underwriters agreed Monday to keep the cash in what's essentially a Trump-proof lockbox while he appeals.Ex-Prosecutor Spots A Big 'Oops' In Donald Trump's Likely Legal Defense
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