House, Senate negotiators back new Iran sanctions

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A new package of severe sanctions on Iran's energy, shipping and financial sectors gained strong congressional support Tuesday as lawmakers sought to ratchet up the economic pressure in hopes of halting Tehran's suspected nuclear weapons program.

House and Senate negotiators reached agreement late Monday on legislation that builds on the current penalties directed at financial institutions that do business with Iran's central bank. The new bill would impose sanctions on anyone who mines uranium with Iran; sells, leases or provides oil tankers to Tehran; or provides insurance to the National Iranian Tanker Co., the state-run shipping line.

Iranian officials quickly criticized the latest round of penalties, labeling the economic pressure "warfare" and promising to retool the country's oil-dependent economy.