WASHINGTON, Aug 1 (Reuters) – The U.S. Congress
overwhelmingly passed a new package of sanctions against Iran on
Wednesday that aims to punish banks, insurance companies and
shippers that help Tehran sell its oil.

The legislation, agreed to by senior lawmakers of both
parties, “seeks to tighten the chokehold on the regime beyond
anything that has been done before,” said Republican
Representative Ileana Ros-Lehtinen, chair of the House Foreign
Affairs Committee.

WASHINGTON, Aug 1 (Reuters) – The U.S. House of
Representatives p asse d a new package of sanctions against Iran
on Wednesday that aim to punish banks, insurance companies and
shippers that help Tehran sell its oil.

The legislation, agreed to by senior lawmakers of both
parties in Congress, “seeks to tighten the chokehold on the
regime beyond anything that has been done before,” said
Republican Representative Ileana Ros-Lehtinen, chair of the
House Foreign Affairs Committee.

WASHINGTON, Aug 1 (Reuters) – The U.S. House of
Representatives was expected to pass a new package of sanctions
against Iran on Wednesday that aim to punish banks, insurance
companies and shippers that help Tehran sell its oil.

The bill “seeks to tighten the chokehold on the regime
beyond anything that has been done before,” Republican
Representative Ileana Ros-Lehtinen, chair of the House Foreign
Affairs Committee, said during a debate on the bill ahead of the
vote.

WASHINGTON (Reuters) – A bipartisan group of U.S. Senate tax-writers clinched a tentative deal on Wednesday to renew dozens of business tax breaks that have expired or will lapse at year-end, two top senators said, with further action set for Thursday.

The rare bipartisan pact crafted by Democrats and Republicans on the Senate Finance Committee would also prevent the alternative minimum tax, intended to ensure the rich pay some taxes, from creeping into the tax bite on the middle class.

WASHINGTON (Reuters) – President Barack Obama announced new U.S. sanctions on Tuesday against foreign banks that help Iran sell its oil, efforts that he said would increase pressure on Tehran for failing to meet its international nuclear obligations.

Obama’s decision, in an executive order, came ahead of congressional votes on new sanctions intended to further strip Iran of its oil-related revenues. It also followed criticism from Republican presidential challenger Mitt Romney that the White House is failing to act strongly enough to stop Iran’s suspected pursuit of a nuclear weapon.

WASHINGTON (Reuters) – U.S. lawmakers moved a step closer to finalizing new sanctions aimed at further restricting Iran’s oil revenues after negotiators from the Senate and House of Representatives agreed on a compromise bill on Monday.

The bill includes several new provisions seeking to crack down on those who ship or insure Iranian oil cargoes, or who pay for oil using gold. It also seeks to curtail efforts to evade sanctions by reflagging ships or turning off tracking systems.

WASHINGTON (Reuters) – Lawmakers are a step closer to finalizing new sanctions aimed at further restricting Iran’s oil revenues after negotiators from the Senate and House of Representatives agreed on a compromise bill on Monday.

If passed, the sanctions would add further pressure on top of penalties imposed by the United States and European Union earlier this year on countries that fail to slash purchases of Iranian oil – sanctions the West hopes will prevent Tehran from building nuclear weapons.

WASHINGTON, July 30 (Reuters) – The U.S. government should
not approve a bid by China’s state-owned CNOOC for the
U.S. assets of Canadian oil firm Nexen unless the
merged company agrees to pay royalties on all oil drilled
offshore, or spins off the assets, Representative Edward Markey
said on Monday.

In a letter to Treasury Secretary Timothy Geithner, Markey
said Nexen has not paid royalties on 32 million barrels of oil
and 34 million cubic feet of natural gas drilled in the U.S.
Gulf of Mexico through May 2012.

WASHINGTON (Reuters) – Senator Charles Schumer said on Friday that the United States should use a bid by China’s state-run CNOOC (0883.HK: Quote, Profile, Research) for Canadian oil company Nexen Inc (NXY.TO: Quote, Profile, Research) as a chance to take China to task for long-standing trade and investment issues.

Schumer, who has made criticism of China’s economic policies a hallmark of his career, laid out a powerful political warning that many U.S. lawmakers expect China to open its doors to reciprocal investments, even as he made it clear that he does not object to CNOOC’s $15.1 billion (9.5 billion pounds) bid on its merits.

WASHINGTON, July 27 (Reuters) – Senator Charles Schumer said
on Friday that the Obama administration should use a bid by
China’s state-run CNOOC for Canadian oil company Nexen
Inc as leverage to fix long-standing trade and
investment issues with China.

Schumer, who has made criticism of China’s economic policies
a hallmark of his career, has argued that China fixes the value
of its currency too low, creating unfair trading conditions. He
said in a statement that he does not object to CNOOC’s $15.1
billion deal on its merits.