New questions are being raised over the possible nomination of Ambassador Rice to secretary of state due to the stakes her and her husband own in companies that have recently done business with Iran. In 2010, the U.N. Security Council approved sanctions on Iran, developed by Rice, which were described by diplomats as one of the toughest sanctions efforts in the the history of the organization.
The companies in question are global conglomerates and some have stopped doing business with Iran in order to comply with international sanctions. One of the biggest of Rice’s holdings, between $50,000 and $100,000,according to a disclosure statement for 2011, is Royal Dutch Shell. The international oil giant stopped buying crude oil from Iran early this year. Rice and her husband also own between $15,000 and $50,000 of stock in ENI, an Italian international oil company. ENI says that it no longer does business with Iran, but it has been granted a waiver from sanctions to allow it to collect oil as payment for about $1 billion Iran owes the company from earlier business deals. The company had been purchasing crude oil and developing natural gas fields.
“With respect to Iran, Ambassador Rice worked to impose the toughest U.N. sanctions regime ever on Iran for its continued failure to live up to its obligations,” said Rice’s spokeswoman, Erin Pelton. “Iran is more isolated than it has ever been and facing the toughest economic pressure ever mustered.”
Rice is one of the richest members of the Obama Cabinet. She and her husband, Ian Cameron, were worth between $23.5 million and $43.5 million in 2009, according to the Center for Responsive Politics. Her late father was a World Bank director and governor of the Federal Reserve.