Congress makes the following findings:
The financial sector of Iran, including the Central Bank of Iran, is designated as a primary money laundering concern for purposes of section 5318A of title 31 because of the threat to government and financial institutions resulting from the illicit activities of the Government of Iran, including its pursuit of nuclear weapons, support for international terrorism, and efforts to deceive responsible financial institutions and evade sanctions.
The President shall, pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), block and prohibit all transactions in all property and interests in property of an Iranian financial institution if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person.
Except as specifically provided in this subsection, beginning on the date that is 60 days after December 31, 2011, the President-
The President may not impose sanctions under paragraph (1) with respect to any person for conducting or facilitating a transaction for the sale of agricultural commodities, food, medicine, or medical devices to Iran.
Except as provided in paragraph (4), sanctions imposed under paragraph (1)(A) shall apply with respect to a central bank of a foreign country, only insofar as it engages in a financial transaction for the sale or purchase of petroleum or petroleum products to or from Iran conducted or facilitated on or after that date that is 180 days after December 31, 2011.
Not later than October 25, 2012, and the last Thursday of every other month thereafter, the Administrator of the Energy Information Administration, in consultation with the Secretary of the Treasury, the Secretary of State, and the Director of National Intelligence, shall submit to Congress a report on the availability and price of petroleum and petroleum products produced in countries other than Iran in the 2-month period preceding the submission of the report.
Not later than 90 days after December 31, 2011, and every 180 days thereafter, the President shall make a determination, based on the reports required by subparagraph (A), of whether the price and supply of petroleum and petroleum products produced in countries other than Iran is sufficient to permit purchasers of petroleum and petroleum products from Iran to reduce significantly in volume their purchases from Iran.
Except as provided in subparagraph (D), sanctions imposed under paragraph (1)(A) shall apply with respect to a financial transaction conducted or facilitated by a foreign financial institution on or after the date that is 180 days after December 31, 2011, for the purchase of petroleum or petroleum products from Iran if the President determines pursuant to subparagraph (B) that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions.
Sanctions imposed pursuant to paragraph (1) shall not apply with respect to a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution if the President determines and reports to Congress, not later than 90 days after the date on which the President makes the determination required by subparagraph (B), and every 180 days thereafter, that the country with primary jurisdiction over the foreign financial institution-
A financial transaction conducted or facilitated by a foreign financial institution is described in this clause if-
For the purpose of paragraph (1)(A), a 'significant financial transaction' shall include, based on relevant facts and circumstances, any transaction-
Not later than 180 days after April 24, 2024, and every year thereafter for 5 years, the President shall-
The President may waive the imposition of sanctions under paragraph (1) for a period of not more than 120 days, and may renew that waiver for additional periods of not more than 120 days, if the President-
The President shall-
Not later than 180 days after December 31, 2011, and every 180 days thereafter, the President shall submit to Congress a report on the efforts of the President to carry out the initiative described in paragraph (1)(A) and conduct the outreach described in paragraph (1)(B) and the results of those efforts.
Each report submitted under this section shall be submitted in unclassified form, but may contain a classified annex.
The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section.
The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) shall apply to a person that violates, attempts to violate, conspires to violate, or causes a violation of this section or regulations prescribed under this section to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act.
In this section:
The terms "account", "correspondent account", and "payable-through account" have the meanings given those terms in section 5318A of title 31.
The term "foreign financial institution" has the meaning of that term as determined by the Secretary of the Treasury pursuant to section 8513(i) of this title.
The terms "reduce significantly", "significant reduction", and "significantly reduced", with respect to purchases from Iran of petroleum and petroleum products, include a reduction in such purchases in terms of price or volume toward a complete cessation of such purchases.
The term "United States person" means-
The provisions of this section shall terminate on the date that is 30 days after the date on which the President submits to Congress the certification described in section 8551(a) of this title.
1So in original.
22 U.S.C. § 8513a
EDITORIAL NOTES
REFERENCES IN TEXTThe International Emergency Economic Powers Act, referred to in subsecs. (c) and (d)(1), is title II of Pub. L. 95-223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables.
CODIFICATIONSection was enacted as part of the National Defense Authorization Act for Fiscal Year 2012, and not as part of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 which comprises this chapter.
AMENDMENTS2024-Subsec. (d)(5), (6). Pub. L. 118-50 added par. (5) and redesignated former par. (5) as (6). 2013-Subsec. (d)(5)(B)(ii), (iii). Pub. L. 112-239 added cl. (ii) and redesignated former cl. (ii) as (iii). 2012-Subsec. (d)(2). Pub. L. 112-158, §503(a)(1), inserted "agricultural commodities," after "sales of" in heading and after "sale of" in text.Subsec. (d)(3). Pub. L. 112-158, §504(a)(1)(A), struck out "a foreign financial institution owned or controlled by the government of a foreign country, including" after "with respect to".Subsec. (d)(4)(A). Pub. L. 112-158, §503(b)(1), substituted "October 25, 2012, and the last Thursday of every other month thereafter" for "60 days after December 31, 2011, and every 60 days thereafter" and "2-month period" for "60-day period".Subsec. (d)(4)(D)(i). Pub. L. 112-158, §504(a)(1)(B)(i), (ii), designated existing provisions as cl. (i) and inserted cl. heading, substituted "a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution" for "a foreign financial institution" and "institution-" for "institution has significantly", inserted subcl. (I) designation and "has significantly reduced" before "reduced its volume", and added subcl. (II).Subsec. (d)(4)(D)(ii). Pub. L. 112-158, §504(a)(1)(B)(iii), added cl. (ii).Subsec. (h)(3), (4). Pub. L. 112-158, §504(a)(2), added par. (3) and redesignated former par. (3) as (4).Subsec. (i). Pub. L. 112-158, §504(a)(3), added subsec. (i).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2012 AMENDMENT Pub. L. 112-158, title V, §503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: "The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112-81; 125 Stat. 1298)." Pub. L. 112-158, title V, §503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: "The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012." Pub. L. 112-158, title V, §504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: "The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] shall apply with respect to financial transactions conducted or facilitated on or after the date that is 180 days after the date of the enactment of this Act [Aug. 10, 2012]."
EXECUTIVE DOCUMENTS
DELEGATION OF FUNCTIONSEx. Ord. No. 13599, Feb. 5, 2012, 77 F.R. 6659, which is listed in a table under section 1701 of Title 50, War and National Defense, provided in section 10 that the Secretary of the Treasury, in consultation with the Secretary of State, is authorized to exercise the functions and authorities conferred upon the President by subsecs. (d)(1)(A) and (g)(1) of this section and to redelegate such functions and authorities consistent with applicable law; and provided in section 11 that the Secretary of State, in consultation with the Secretary of the Treasury, the Secretary of Energy, and the Director of National Intelligence, is authorized to exercise the functions and authorities conferred upon the President by subsec. (d)(4)(D) of this section and that the Secretary of State, in consultation with the Secretary of the Treasury, is authorized to exercise the functions and authorities conferred upon the President by subsecs. (e)(1), (2) and (g)(1) of this section and to redelegate all such functions and authorities consistent with applicable law.Memorandum of President of the United States, Jan. 20, 2014, 79 F.R.6453, provided: Memorandum for the Secretary of StateBy the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3 of the United States Code, I hereby delegate to the Secretary of State, in consultation with the Secretary of the Treasury, the authority conferred upon the President by section 1245(d)(5) of the Fiscal Year (FY) 2012 National Defense Authorization Act (NDAA).Any reference in this memorandum to provisions of the FY 2012 NDAA related to the subject of this memorandum shall be deemed to include references to any hereafter enacted provisions of law that is the same or substantially the same as such provisions.You are authorized and directed to publish this memorandum in the Federal Register.Barack Obama.
PRESIDENTIAL DETERMINATIONS RELATING TO PETROLEUM OR PETROLEUM PRODUCTS FROM IRANThe following Presidential Determinations related to the existence of sufficient supplies of petroleum and petroleum products from countries other than Iran pursuant to subsec. (d)(4)(B) and (C) of this section:Determination of President of the United States, No. 2024-01, Nov. 11, 2023, 88 F.R. 82775. Determination of President of the United States, No. 2023-08, May 11, 2023, 88 F.R. 32619.Determination of President of the United States, No. 2023-03, Jan. 30, 2023, 88 F.R. 8347. Determination of President of the United States, No. 2022-12, May 12, 2022, 87 F.R. 30383.Determination of President of the United States, No. 2022-04, Nov. 12, 2021, 86 F.R. 64795. Determination of President of the United States, No. 2021-07, May 19, 2021, 86 F.R. 28235.Determination of President of the United States, No. 2021-03, Jan. 14, 2021, 86 F.R. 7789. Determination of President of the United States, No. 2020-06, June 5, 2020, 85 F.R. 36995.Determination of President of the United States, No. 2020-03, Oct. 25, 2019, 84 F.R. 59917. Determination of President of the United States, No. 2019-12, Apr. 29, 2019, 84 F.R. 22327.Determination of President of the United States, No. 2019-04, Oct. 31, 2018, 83 F.R. 57673. Determination of President of the United States, No. 2018-08, May 14, 2018, 83 F.R. 26345.Determination of President of the United States, No. 2018-1 [2018-01], Nov. 15, 2017, 82 F.R. 59503. Determination of President of the United States, No. 2017-06, May 17, 2017, 82 F.R. 28391.Determination of President of the United States, No. 2017-01, Nov. 14, 2016, 81 F.R. 85833. Determination of President of the United States, No. 2016-06, May 19, 2016, 81 F.R. 37481.Determination of President of the United States, No. 2016-03, Nov. 18, 2015, 80 F.R. 75921. Determination of President of the United States, No. 2015-06, May 19, 2015, 80 F.R. 32851.Determination of President of the United States, No. 2015-02, Nov. 21, 2014, 79 F.R. 71619. Determination of President of the United States, No. 2014-11, June 4, 2014, 79 F.R. 33841.Determination of President of the United States, No. 2014-03, Nov. 29, 2013, 78 F.R. 76717. Determination of President of the United States, No. 2013-10, June 5, 2013, 78 F.R. 35537.Determination of President of the United States, No. 2013-03, Dec. 7, 2012, 77 F.R. 76213. Determination of President of the United States, No. 2012-09, June 11, 2012, 77 F.R. 36387.Determination of President of the United States, No. 2012-05, Mar. 30, 2012, 77 F.R. 21387.