Washington and Ankara are on a collision course over Turkey's surging sales of gold to Iran, as the U.S. Congress and Treasury focus on cutting off a trade they believe is emerging as one of Tehran's primary conduits to export natural gas and evade Western sanctions.
The Senate on Friday approved a measure that would tighten sanctions against Iran, targeting suppliers of materials that could be used to build ships and taking further aim at the country's port and energy businesses. Among other provisions, the new legislation would ban the transfer of precious metals to Iran, including gold. The sanctions are expected to be approved by the House quickly.
The Senate's move comes after President Barack Obama quietly empowered the Treasury over the summer to sanction any foreign individual or firm that helps Tehran acquire U.S. dollars or precious metals, according to U.S. officials.
Read more: U.S. Raises Pressure on Turkey Over Gold Trade With Iran - WSJ.com
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