Sec. 4. Sanctions with respect to purchase, acquisition, sale, transport, or marketing of petroleum, petroleum products, or petrochemical products from Iran

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Subtitle B of title II of the Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8721 et seq.) is amended— by redesignating sections 222, 223, and 224 as sections 225, 226, and 227, respectively; and by inserting after section 221 the following: The President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that the President determines has knowingly conducted or facilitated any significant financial transaction, on or after July 31, 2012— for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran; or for the purchase, acquisition, sale, transport, or marketing of petrochemical products from Iran.

The President shall impose on a person one or more of the sanctions described in section 6(a) of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note) upon determining that the person knowingly, on or after July 31, 2012, engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of— petroleum or petroleum products from Iran; or petrochemical products from Iran. Subsections (a)(1) and (b)(1) shall apply with respect to a person only if— the President determines under subparagraphs

(B)and

(C)of paragraph

(4)of section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)) 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; and an exception under subparagraph

(D)of that paragraph from the imposition of sanctions under paragraph

(1)of that section does not apply with respect to the country with primary jurisdiction over the person. In this section: The terms account , correspondent account , and payable-through account have the meanings given those terms in section 5318A of title 31, United States Code. The term financial institution means a financial institution specified in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (M), or

(Y)of section 5312(a)(2) of title 31, United States Code. The term foreign financial institution has the meaning of that term as determined by the Secretary of the Treasury pursuant to section 104 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8513 ). The term petroleum means a mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. The term petroleum products includes unfinished oils, liquefied petroleum gases, pentanes plus, aviation gasoline, motor gasoline, naphtha-type jet fuel, kerosene-type jet fuel, kerosene, distillate fuel oil, residual fuel oil, petrochemical feedstocks, special naphthas, lubricants, waxes, petroleum coke, asphalt, road oil, still gas, and miscellaneous products obtained from the processing of crude oil (including lease condensate), natural gas, and other hydrocarbon compounds. The term petroleum products does not include natural gas, liquefied natural gas, biofuels, methanol, and other non-petroleum fuels. The term petrochemical products includes any aromatic, olefin, and synthesis gas, and any of derivatives of such a gas, including ethylene, propylene, butadiene, benzene, toluene, xylene, ammonia, methanol, and urea. The President shall block and prohibit all transactions in property and interests in property of a person the President determines has, on or after July 31, 2012, materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the National Iranian Oil Company, the Naftiran Intertrade Company, or the Central Bank of Iran 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. The President shall block and prohibit all transactions in property and interests in property of a person the President determines has, on or after July 31, 2012, materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the purchase or acquisition of United States bank notes or precious metals by the Government of Iran, 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. . The table of contents for the Iran Threat Reduction and Syria Human Rights Act of 2012 is amended by striking the items relating to sections 222, 223, and 224 and inserting the following: Sec. 222. Imposition of sanctions with respect to purchase, acquisition, sale, transport, or marketing of petroleum, petroleum products, and petrochemical products from Iran. Sec. 223. Imposition of sanctions with respect to support for the National Iranian Oil Company, the Naftiran Intertrade Company, or the Central Bank of Iran. Sec. 224. Imposition of sanctions with respect to support for the purchase of United States bank notes or precious metals by the Government of Iran. Sec. 225. Sense of Congress and rule of construction relating to certain authorities of State and local governments. Sec. 226. Government Accountability Office report on foreign entities that invest in the energy sector of Iran or export refined petroleum products to Iran. Sec. 227. Reporting on the importation to and exportation from Iran of crude oil and refined petroleum products. .

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Pub. L. 104-172

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Sec. 4

Sanctions with respect to purchase, acquisition, sale, transport, or marketing of petroleum, petroleum products, or petrochemical products from Iran

Pub. L.Pub. L. 104-172

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