US House Passes Bill Banning Entry for Ships Trading Iranian Oil

The U.S. House of Representatives has passed a bill that sanctions not only China but also other countries for trading Iranian oil.

According to major foreign media on the 21st (local time), the U.S. House of Representatives approved on the 19th a bill to sanction foreign refineries, ports, and vessels that deliberately handle Iranian oil, which is already subject to U.S. sanctions, with 360 votes in favor and 58 against. Accordingly, vessels caught handling Iranian crude oil will be banned from entering U.S. ports for two years.

This bill expands the similar secondary sanctions (third-party sanctions), which previously targeted only China, to all foreign trading parties. Senate approval is also likely within a few days.

Earlier, on the 15th, the U.S. House passed a bill with 383 votes in favor and 11 against to sanction all oil and petroleum product transactions between Chinese financial institutions and Iranian banks under U.S. sanctions. This was in response to Iran's attacks on Israel.

However, some concerns have been raised that expanding such third-party sanctions on Iranian crude oil could drive up oil prices.