US senators introduce bill targeting Iran foreign exchange reserve

WASHINGTON Wed May 8, 2013 12:10pm EDT

WASHINGTON May 8 (Reuters) - A group of bipartisan U.S. senators introduced legislation on Wednesday that aims to block Iran's access to billions of dollars worth of foreign currency reserves, in the latest step by Congress to try to slow the Islamic Republic's disputed nuclear program.

The bill also seeks to limit the ability of the Central Bank of Iran and National Iranian Oil Company to conduct transactions in foreign currencies, including euros. It was introduced by Republican Mark Kirk, Democrat Joe Manchin and three others.

The United States and the European Union believe that Iran is developing the ability to make nuclear weapons, a charge Tehran denies.

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