U.S. firms doing business with Iran in violation of U.S. sanctions, received $ 100 Billion in federal contracts over the last 10 years

The New York Times reported today that many U.S. companies and their foreign subsidiaries that have been doing business with Iran, in violation of U.S. sanctions, had been given more than $ 100 Billion in federal contracts over the last 10 years..

Even with the threat of punishment for companies that seek US federal contracts that do business with Iran, the Times said successive administrations have struggled to exert authority over foreign companies and overseas units of US firms. Of the 74 companies identified as doing business with both the US government and Iran, 49 have no announced plans to terminate their connections with Iran.

More than two-thirds of the federal money went to companies doing business in Iran’s oil industry, a huge revenue source Iran and a stronghold of the powerful Islamic Revolutionary Guard Corps that oversees the country’s nuclear and missile programs.

The United States has joined Britain, France and Germany to push for new sanctions against Iran over its nuclear program, including restrictions on Iranian banks abroad and Iran’s central bank.

The Iran Sanctions Act of 1996 gives the US president a range of actions to use against companies, but Congress is now considering tougher steps mandating that companies investing in Iran’s oil sector be denied federal contracts.

The paper said the Obama administration points to decisions by a number of companies to pull out of Iran or hold off on new investment as a sign Washington has been successful at pressing governments and executives to curtail investment in Iran.