Senators seek to block Iran from billion-dollar reserves

(Reuters) - Legislation introduced by a bipartisan group of U.S. senators on Wednesday would block Iran's access to billions of dollars worth of foreign currency reserves in the latest congressional effort to slow development of the Islamic Republic's disputed nuclear program

[size=14px]Lawmakers in Washington say the government in Tehran taps the reserves held in banks around the world, mostly in euros, to get around U.S. and EU sanctions on oil sales that have damaged Iran's economy.[/size][/size][size=14px][color=rgb(0, 110, 151)]Iran[/color] converts the reserves it built up from decades of selling oil, estimated to be worth $60 billion to $100 billion, into local [color=rgb(0, 110, 151)]currencies[/color] in order to finance imports and stabilize its budget, the lawmakers say.[/size][/size][size=14px]The United States and the European Union believe that Iran is enriching uranium to levels that could be used in nuclear weapons. Tehran says the program is intended for producing power and medical supplies.[/size][size=medium]