Sec. 3. Imposition of sanctions with respect to covered Iranian assets

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On and after the date of the enactment of this Act, the President shall impose the sanction described in subsection

(c)with respect to each foreign financial institution and each international financial institution that the President determines engages in an activity described in subsection (b). A foreign financial institution or international financial institution engages in an activity described in this subsection if the institution processes, participates in, or facilitates a transaction using or involving covered Iranian funds. The sanction described in this subsection is the exercise of all of the powers granted to the President under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) to the extent necessary to block and prohibit all transactions in property and interests in property of a foreign financial institution or international financial institution described in subsection

(a)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 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 any regulations promulgated to carry out 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. The President shall not be required to impose sanctions under this section with respect to a foreign financial institution or international financial institution described in subsection

(a)if the President certifies in writing to the appropriate congressional committees that the Government of Iran— no longer repeatedly provides support for international terrorism as determined by the Secretary of State pursuant to— section 1754(c)(1)(A) of the Export Control Reform Act of 2018 ( 50 U.S.C. 4318(c)(1)(A) ); section 620A of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2371 ); section 40 of the Arms Export Control Act ( 22 U.S.C. 2780 ); or any other provision of law; and has ceased the pursuit, acquisition, and development of, and verifiably dismantled its, nuclear, biological, and chemical weapons and ballistic missiles and ballistic missile launch technology.

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Sec. 3

Imposition of sanctions with respect to covered Iranian assets

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