Sec. 5. Reinstatement of sanctions imposed with respect to Iranian funds formerly held in escrow in Iraq
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On the date of enactment of this Act, the following measures shall be terminated: Waivers exercised on or after January 1, 2023, pursuant to section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012 ( Public Law 112–81 ; 22 U.S.C. 8513a(d) ) and sections 1244(i) and 1247(f) of the Iran Freedom and Counter-Proliferation Act of 2012 ( Public Law 112–239 ; 22 U.S.C. 8803(i) and 8806(f)) with respect to the covered funds described in subsection (c). Any general or specific license issue by the Office of Foreign Asset Control at the Department of the Treasury directly or indirectly related to the funds cited in paragraphs (1).
The President may not reissue any new waiver or license described in paragraph
(1)or
(2)of subsection
(a)for the same or similar purposes. The covered funds described in this subsection are funds held in Iraq or owed to Iran or Iranian institutions by Iraq on January 1, 2023, including funds in accounts established or maintained pursuant to or in accordance with sections 1244(g)–(h) and 1247(d)–(e) of the Iran Freedom and Counter-Proliferation Act of 2012 ( Public Law 112–239 ; 22 U.S.C. 8803(g) –(h) and 8806(d)–(e)). 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 any financial institution which process, participates in, or facilitates a transaction with respect to the funds described in subsection
(c)after the date of enactment of this Act 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.
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- Pub. L. 112-81
- Pub. L. 112-239
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Sec. 5
Reinstatement of sanctions imposed with respect to Iranian funds formerly held in escrow in Iraq
Pub. L.Pub. L. 112-81
Pub. L.Pub. L. 112-239
Cites 5Cited by 0 across 0 sources