Sec. 504. EXPANSION OF SANCTIONS UNDER SECTION 1245 OF THE NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2012
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## SEC. 504 EXPANSION OF SANCTIONS UNDER SECTION 1245 OF THE NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2012 ###
(a)In General Section 1245 of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a), as amended by section 503, is further amended— ####
(1)in subsection (d)— #####
(A)in paragraph (3), by striking “a foreign financial institution owned or controlled by the government of a foreign country, including”; and #####
(B)in paragraph (4)(D)— ######
(i)by striking “ Sanctions imposed ” and inserting the following: > > ###### “(i) In general > > Sanctions imposed” > ; ######
(ii)in clause (i), as designated by clause
(i)of this subparagraph— ######
(I)by striking “a foreign financial institution” and inserting “a financial transaction described in clause
(ii)conducted or facilitated by a foreign financial institution”; ######
(II)by striking “ institution has significantly ” and inserting > “institution— > > > ###### “(I) > > has significantly reduced” > ; ######
(III)by striking the period at the end and inserting “; or”; and ######
(IV)by adding at the end the following: > > ###### “(II) > > in the case of a country that has previously received an exception under this subparagraph, has, after receiving the exception, reduced its crude oil purchases from Iran to zero.” > ; and ######
(iii)by adding at the end the following: > > ###### “(ii) Financial transactions described > > A financial transaction conducted or facilitated by a foreign financial institution is described in this clause if— > > > ###### “(I) > > the financial transaction is only for trade in goods or services between the country with primary jurisdiction over the foreign financial institution and Iran; and > > > ###### “(II) > > any funds owed to Iran as a result of such trade are credited to an account located in the country with primary jurisdiction over the foreign financial institution.” > ; ####
(2)in subsection (h)— #####
(A)by redesignating paragraph
(3)as paragraph (4); and #####
(B)by inserting after paragraph
(2)the following: > > #### “(3) Significant reductions > > 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.” > ; and ####
(3)by adding at the end the following: > > ### “(i) Termination > > 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 401(a) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8551(a)).” > . ###
(b)Effective Date **[**[22 U.S.C. 8513a note](/us/usc/t22/s8513a)**]** The amendments made by paragraphs
(1)and
(2)of subsection
(a)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.
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Sec. 504
EXPANSION OF SANCTIONS UNDER SECTION 1245 OF THE NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2012
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