Sec. 221. Imposition of sanctions with respect to the Central Bank of Iran and other Iranian financial institutions
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Section 1245(d)(4)(D)(i)(I) of the National Defense Authorization Act for Fiscal Year 2012 ( Public Law 112–81 ; 125 Stat. 1648; 22 U.S.C. 8513a(d)(4)(D)(i)(I) ) is amended— by striking reduced reduced and inserting reduced ; by inserting value and before volume ; by inserting or of Iranian origin after from Iran ; and by adding at the end before the semicolon the following: , and the President certifies in writing to Congress that the President has based such determination on accurate information on that country’s total purchases of crude oil from Iran or of Iranian origin .
Section 1245(d)(4)(D)(ii)(II) of the National Defense Authorization Act for Fiscal Year 2012 ( Public Law 112–81 ; 125 Stat. 1648) is amended— by striking
(II)and inserting (II)(aa) ; in item
(aa)(as designated by paragraph
(1)of this subsection), by striking the period at the end and inserting ; and ; and by adding at the end the following new item: the foreign financial institution holding the account described in item
(aa)does not knowingly facilitate any significant financial transfers for, with, or on behalf of the Government of Iran, unless the transaction is excepted from sanctions under paragraph
(2)or is a transaction described in subclause
(I)and item (aa). . It is the policy of the United States to seek to ensure that countries that have received an exception under subparagraph (D)(i)(I) of section 1245(d)(4) of the National Defense Authorization Act for Fiscal Year 2012 ( Public Law 112–81 ; 125 Stat. 1648) shall reduce their crude oil purchases from Iran or of Iranian origin so that the aggregate amount of such purchases is reduced by not less than an average of 1,000,000 barrels of crude oil per day by the end of the 1-year period beginning on the date of submission of the strategy described in subparagraph (E)(ii) of such section (as added by paragraph
(2)of this subsection). Section 1245(d)(4) of the National Defense Authorization Act for Fiscal Year 2012 ( Public Law 112–81 ; 125 Stat. 1648) is amended by adding at the end the following new subparagraph: Not later than 30 days after the date of the enactment of the Nuclear Iran Prevention Act of 2013, the President shall make a determination, based on the information contained in the most recent report required under subparagraph (A), of whether each country that received an exception under subparagraph (D)(i)(I) before such date of enactment is able to reduce its crude oil purchases from Iran or of Iranian origin so that the aggregate amount of such purchases is reduced by not less than an average of 1,000,000 barrels of crude oil per day by the end of the 1-year period beginning on the date of submission of the strategy described in clause (ii). If the President makes an initial determination under this clause that the requirements of this clause cannot be met, then the President shall continue to make a determination under this clause every 90 days thereafter as to whether or not the requirements of this clause can be met. If the President determines that the requirements of clause
(i)can be met, then not later than 60 days after the date of such affirmative determination, the President shall develop and submit to the appropriate congressional committees a strategy to seek to ensure that the requirements of clause
(i)are met by the end of the 1-year period beginning on such date of submission. If the President determines that the strategy described in clause
(ii)was achieved, then each country described in clause
(i)shall be eligible to receive one or more further exceptions under subparagraph (D)(i)(I) in accordance with the provisions of such subparagraph. Except as provided in subclause (III), if the President determines that the strategy described in clause
(ii)was not achieved, then each country described in clause
(i)shall be ineligible to receive any further exception under subparagraph (D)(i)(I) in accordance with the provisions of such subparagraph. Subclause
(II)shall not apply with respect to a country described in clause
(i)if the country— dramatically reduced its crude oil purchases from Iran or of Iranian origin during the 1-year period described in clause (ii); and has committed itself to continue to reduce its crude oil purchases from Iran or of Iranian origin to a de minimis level. The President shall submit to the appropriate congressional committees all data used to make a determination under item
(aa)not later than 15 days before issuing an exception under item (aa). In this subparagraph, the term appropriate congressional committees means— the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives; and the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate. . Section 1245(d)(4)(D) of the National Defense Authorization Act for Fiscal Year 2012 ( 22 U.S.C. 8513a(d)(4)(D) ) is amended by adding at the end the following new clause: In this subparagraph, the term crude oil includes unfinished oils, liquefied petroleum gases, distillate fuel oil, and residual fuel oil. . Section 1245(d)(5)(A) of the National Defense Authorization Act for Fiscal Year 2012 ( 22 U.S.C. 8513a(d)(5)(A) ) is amended by striking in the national and inserting vital to the national . significant reduction Section 1245(h)(3) of the National Defense Authorization Act for Fiscal Year 2012 ( 22 U.S.C. 8513a(h)(3) ) is amended— by striking price or volume and inserting price and volume ; and by adding at the end before the period the following: and at least a pro rata amount totaling, in the aggregate, not less than an average of 1,000,000 barrels of crude oil per day by the end of the 1-year period beginning on the date of submission of the strategy described in subsection (d)(4)(E)(ii) . The amendments made by this section take effect beginning on the date that is 180 days after the date of the enactment of this Act.
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- Pub. L. 112-81
- 125 Stat. 1648
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Sec. 221
Imposition of sanctions with respect to the Central Bank of Iran and other Iranian financial institutions
Pub. L.Pub. L. 112-81
Stat.125 Stat. 1648
Cites 3Cited by 0 across 0 sources