At several meetings with Russian President Vladimir Putin, President George W. Bush stated that his administration will work with the Congress to grant Russia permanent 'normal trade relations" (PNTR) status. The change in Russia's trade status will require legislation to lift the restrictions currently applied to Russia under Title IV of the Trade Act of 1974, which includes the "freedom-of-emigration" requirements of the Jackson-Vanik amendment. The Bush Administration requested the 108th Congress to act. Two bills were introduced in the Senate and one in the House but none of them received further congressional action.
This report discusses the increasing international pressure on Iran to curb its nuclear program and how that pressure discourages foreign firms from investing in Iran's energy sector, hindering Iran's efforts to expand oil production. This report discusses the history and progress of the formal U.S. effort to curb energy investment in Iran, which began with the Iran Sanctions Act (ISA) in 1996. This report also discusses U.S. concerns that other nations, e.g., U.S. allies, Russia, and China, are not as strict with their economic sanctions against Iran, and how U.S. policymakers are combating this reticence with various pieces of legislation.