(WASHINGTON) - U.S. Rep. Ileana Ros-Lehtinen (R-FL), Chairman of the House Foreign Affairs Committee, released the following statement on the agreement reached between House and Senate negotiators on new Iran sanctions legislation which will be voted on by each Chamber later this week:

"This bipartisan, bicameral Iran sanctions legislation strengthens current U.S. law by leaps and bounds. It updates and expands U.S. sanctions, and counters Iran's efforts to evade them. The bill sends a clear message to the Iranian regime that the U.S. is committed, through the use of sanctions, to preventing Iran from crossing the nuclear threshold.

"The expanded energy sanctions contained in this critical legislation effectively blacklist the Iranian energy sector and anyone doing business with it. Further, new and expanded sanctions targeting financial institutions, shipping companies, and insurers doing business with Iran will close major loopholes that the regime was taking advantage of to avoid the sting of sanctions. The bill also blocks Iran's ability to insulate itself from sanctions through oil-for-gold swaps, other trading and bartering schemes, and selling energy bonds and issuing government debt.

"This legislation incorporates great ideas and specific provisions from bills proposed by Members of the House and Senate on both sides of the aisle. If properly implemented, this bill will impose crippling economic pressure on the Iranian regime in order to force Tehran to abandon its nuclear program and other dangerous policies. The House and Senate will be taking up the bill this week, and I urge President Obama to quickly sign it and vigorously enforce its provisions."