US House Votes to Extend Sanctions on Iran, LibyaThe US House of Representatives voted on Thursday to extend sanctions against Iran and Libya for another five years.The vote was 409 for and six against. The US senate approved a similar bill on the extension by a vote of 96-2 on Wednesday. The current Iran and Libya Sanctions Act, enacted in 1996 and is expected to expire on August 5, bans foreign companies from making any major investment in the two countries' energy sector. One major change in the new bills approved by the US Senate and House is tougher sanctions against Libya. The current act forbids foreign interests from investing more than 40 million U.S. dollars a year in Libya's energy industry while the new measure reduces the ceiling to a more stringent 20 million dollars, the same as the limit on investment in Iran. The Bush administration had sought to limit the extension to two years for more flexibility in foreign policy. As a compromise, the bill approved by the Senate calls on the US Congress to re-evaluate the sanctions against Iran and Libya within 18 months. The new sanctions measure is subject to approval by President George W. Bush before it becomes law. |
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