New US Bill expanding sanctions on IRGC

Yesterday, the Iranian Revolutionary Guard Corps Economic Exclusion Act was introduced in the US House of Representatives. Among other things, the Bill amends the Iran Threat Reduction and Syria Human Rights Act of 2012, to authorise the President to sanction entities in which the IRGC has an ownership interest of less than 50% (OFAC sanctioned the IRGC in October 2017, see previous blog here). The Bill also sets out the US policy to prevent Iran’s membership into the WTO and similar international bodies until the Secretary of State no longer deems the Government of Iran to be a supporter for “acts of terrorism”.

The Bill has now been referred to 5 Committees: Foreign Affairs; Financial Services; Oversight and Government Reform; Judiciary; and Ways and Means.