The current sanctions language at the center of the closed door debate is the amendment by Sens. Mark Kirk (R-IL) and Robert Menendez (D-NJ), which passed the Senate by a rare 100-0 vote over the very public objections of top Obama administration officials. The amendment would direct the Obama administration to take punitive measures against foreign banks that do business with the CBI, but gives the administration more leeway to implement the sanctions than Kirk’s original language.
The administration urged Kirk and Menendez to come up with a compromise amendment but then came out against that very compromise last week, angering and alienating Menendez, who needs to be tough on the issue ahead of his re-election bid next year. The Cable has obtained the administration’s private communications to the conferees spelling out the changes they want to the Kirk-Menendez amendment; they can be found here and here.
Basically, the administration wants to delay the implementation of sanctions not related to oil purchases from 60 to 180 days, and wants to water down the severity of sanctions measures if and when they are put into effect.