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Rubio, Colleagues Applaud Committee Passage of SHIP Act to Crack Down on Illicit Iranian Oil Trade

Apr 16, 2024 | Press Releases

During a Senate Committee on Foreign Relations business meeting, the Stop Harboring Iranian Petroleum (SHIP) Act, co-led by U.S. Senators Marco Rubio (R-FL), Maggie Hassan (D-NH), and Jacky Rosen (D-NV), was favorably reported. The bipartisan and bicameral bill now heads to the full Senate. 

  • “All individuals and entities linked to the illicit trade of Iranian oil, including the Chinese Communist Party, must be held accountable. Tehran’s brutal regime continues to profit off the oil trade and the U.S. must proactively counter this reality. The SHIP Act would impose a cost on the sale of sanctioned Iranian oil, or individuals and entities tied to its illicit trade.” – Senator Rubio

  • “Iran’s direct attack on Israel this week underscores the need to further cut off the Iranian regime’s key revenue streams. I am glad that our bipartisan legislation to impose sanctions on those who enable purchases of Iranian oil advanced today. I urge my colleagues in the Senate to support this bill – which has already passed the House – so that we can send it to President Biden’s desk immediately.”  – Senator Hassan

  • “As we saw in its attack on Israel over the weekend, the Iranian regime continues to threaten American interests and allies around the world. They must be held accountable and prevented from destabilizing the region. Iran relies on funding from illicit oil sales to finance its aggression, which is why I’m glad to see our bipartisan bill to crack down on those sales advance out of committee.”  – Senator Rosen

Specifically, this bill: 

  • Sets a statement of policy that the United States should deny Iran the ability to engage in destabilizing activities; 
  • Imposes sanctions against entities that engage in the illicit Iranian oil trade, such as through ship-to-ship transfers of oil, entities that own refineries that process Iranian oil, as well as entities that are included on the Treasury Department’s SDN list; and 
  • Requires a report from the administration on increase of exports of petroleum and petroleum products from Iran.

U.S. Representative Michael Lawler (R-NY) introduced companion legislation in the House.

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