Title 22 — Foreign Relations and Intercourse
Chapter 92 — Comprehensive Iran Sanctions, Accountability, and Divestment
§ 8513a. Imposition of sanctions with respect to the financial sector of Iran
Statutory text
Findings
Congress makes the following findings:
On , the Secretary of the Treasury issued a finding under section 5318A of title 31 that identified Iran as a jurisdiction of primary money laundering concern.
In that finding, the Financial Crimes Enforcement Network of the Department of the Treasury wrote, “The Central Bank of Iran, which regulates Iranian banks, has assisted designated Iranian banks by transferring billions of dollars to these banks in 2011. In mid-2011, the CBI transferred several billion dollars to designated banks, including Saderat, Mellat, EDBI and Melli, through a variety of payment schemes. In making these transfers, the CBI attempted to evade sanctions by minimizing the direct involvement of large international banks with both CBI and designated Iranian banks.”.
On , the Under Secretary of the Treasury for Terrorism and Financial Intelligence, David Cohen, wrote, “Treasury is calling out the entire Iranian banking sector, including the Central Bank of Iran, as posing terrorist financing, proliferation financing, and money laundering risks for the global financial system.”.
Designation of financial sector of Iran as of primary money laundering concern
The financial sector of Iran, including the Central Bank of Iran, is designated as a primary money laundering concern for purposes of section 5318A of title 31 because of the threat to government and financial institutions resulting from the illicit activities of the Government of Iran, including its pursuit of nuclear weapons, support for international terrorism, and efforts to deceive responsible financial institutions and evade sanctions.
Freezing of assets of Iranian financial institutions
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 an Iranian financial institution 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.
Imposition of sanctions with respect to the Central Bank of Iran and other Iranian financial institutions
In general
Except as specifically provided in this subsection, beginning on the date that is 60 days after , 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 with the Central Bank of Iran or another Iranian financial institution designated by the Secretary of the Treasury for the imposition of sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); and
may impose sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with respect to the Central Bank of Iran.
Exception for sales of agricultural commodities, food, medicine, and medical devices
The President may not impose sanctions under paragraph (1) with respect to any person for conducting or facilitating a transaction for the sale of agricultural commodities, food, medicine, or medical devices to Iran.
Applicability of sanctions with respect to foreign central banks
Except as provided in paragraph (4), sanctions imposed under paragraph (1)(A) shall apply with respect to a central bank of a foreign country, only insofar as it engages in a financial transaction for the sale or purchase of petroleum or petroleum products to or from Iran conducted or facilitated on or after that date that is 180 days after .
Applicability of sanctions with respect to petroleum transactions
Report required
Not later than , and the last Thursday of every other month thereafter, the Administrator of the Energy Information Administration, in consultation with the Secretary of the Treasury, the Secretary of State, and the Director of National Intelligence, shall submit to Congress a report on the availability and price of petroleum and petroleum products produced in countries other than Iran in the 2-month period preceding the submission of the report.
Determination required
Not later than 90 days after , and every 180 days thereafter, the President shall make a determination, based on the reports required by subparagraph (A), of whether the price and supply of petroleum and petroleum products produced in countries other than Iran is sufficient to permit purchasers of petroleum and petroleum products from Iran to reduce significantly in volume their purchases from Iran.
Application of sanctions
Except as provided in subparagraph (D), sanctions imposed under paragraph (1)(A) shall apply with respect to a financial transaction conducted or facilitated by a foreign financial institution on or after the date that is 180 days after , for the purchase of petroleum or petroleum products from Iran if the President determines pursuant to subparagraph (B) 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.
Exception
In general
Sanctions imposed pursuant to paragraph (1) shall not apply with respect to a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution if the President determines and reports to Congress, not later than 90 days after the date on which the President makes the determination required by subparagraph (B), and every 180 days thereafter, that the country with primary jurisdiction over the foreign financial institution—
has significantly reduced reduced 1 its volume of crude oil purchases from Iran during the period beginning on the date on which the President submitted the last report with respect to the country under this subparagraph; or
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.
Financial transactions described
A financial transaction conducted or facilitated by a foreign financial institution is described in this clause if—
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
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.
Applicability of sanctions with respect to Chinese financial institutions
In general
For the purpose of paragraph (1)(A), a “significant financial transaction” shall include, based on relevant facts and circumstances, any transaction—
by a Chinese financial institution (without regard to the size, number, frequency, or nature of the transaction) involving the purchase of petroleum or petroleum products from Iran; and
by a foreign financial institution (without regard to the size, number, frequency, or nature of the transaction) involving the purchase of Iranian unmanned aerial vehicles (UAVs), UAV parts, or related systems.
Determination required
Not later than 180 days after , and every year thereafter for 5 years, the President shall—
determine whether any—
Chinese financial institution has engaged in a significant financial transaction as described in paragraph (1)(A)(i); and
financial institution has engaged in a significant financial transaction as described in paragraph (1)(A)(ii); and
transmit the determination under clause (i) to the Committee on Foreign Affairs and the Committee on Financial Services of the House of Representatives and to the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate.
Waiver
The President may waive the imposition of sanctions under paragraph (1) for a period of not more than 120 days, and may renew that waiver for additional periods of not more than 120 days, if the President—
determines that such a waiver is in the national security interest of the United States; and
submits to Congress a report—
providing a justification for the waiver;
certifying that the country with primary jurisdiction over the foreign financial institution otherwise subject to the sanctions faced exceptional circumstances that prevented the country from being able to reduce significantly its purchases of petroleum and petroleum products from Iran; and
that includes any concrete cooperation the President has received or expects to receive as a result of the waiver.
Multilateral diplomacy initiative
In general
The President shall—
carry out an initiative of multilateral diplomacy to persuade countries purchasing oil from Iran—
to limit the use by Iran of revenue from purchases of oil to purchases of non-luxury consumers goods from the country purchasing the oil; and
to prohibit purchases by Iran of—
military or dual-use technology, including items—
in the Annex to the Missile Technology Control Regime Guidelines;
in the Annex on Chemicals to the Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and on their Destruction, done at Paris , and entered into force (commonly known as the “Chemical Weapons Convention”);
in Part 1 or 2 of the Nuclear Suppliers Group Guidelines; or
on a control list of the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies; or
any other item that could contribute to Iran’s conventional, nuclear, chemical, or biological weapons program; and
conduct outreach to petroleum-producing countries to encourage those countries to increase their output of crude oil to ensure there is a sufficient supply of crude oil from countries other than Iran and to minimize any impact on the price of oil resulting from the imposition of sanctions under this section.
Report required
Not later than 180 days after , and every 180 days thereafter, the President shall submit to Congress a report on the efforts of the President to carry out the initiative described in paragraph (1)(A) and conduct the outreach described in paragraph (1)(B) and the results of those efforts.
Form of reports
Each report submitted under this section shall be submitted in unclassified form, but may contain a classified annex.
Implementation; penalties
Implementation
The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section.
Penalties
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 regulations prescribed under 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.
Definitions
In this section:
Account; correspondent account; payable-through account
The terms “account”, “correspondent account”, and “payable-through account” have the meanings given those terms in section 5318A of title 31.
Foreign financial institution
The term “foreign financial institution” has the meaning of that term as determined by the Secretary of the Treasury pursuant to section 8513(i) of this title.
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.
United States person
The term “United States person” means—
a natural person who is a citizen or resident of the United States or a national of the United States (as defined in section 1101(a) of title 8); and
an entity that is organized under the laws of the United States or a jurisdiction within the United States.
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 8551(a) of this title.
Footnotes
- 1 So in original.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
National Defense Authorization Act for Fiscal Year 2012
Pub. L. 112–81 div. A title XII § 1245 · 125 Stat. 1298
Enacted · 22 U.S.C. § 8513a
Pub. L. 112–81, div. A, title XII, § 1245, Dec. 31, 2011, 125 Stat. 1647
Source evidence
Code source credit
Pub. L. 112–81, div. A, title XII, § 1245, Dec. 31, 2011, 125 Stat. 1647Enacted provision · exact public law section
SEC. 1245. IMPOSITION OF SANCTIONS WITH RESPECT TO THE FINANCIAL SECTOR OF IRAN. (a) Findings.— Congress makes the following findings: (1) On November 21, 2011, the Secretary of the Treasury issued a finding under section 5318A of title 31, United States Code, that identified Iran as a jurisdiction of primary money laundering concern. (2) In that finding, the Financial Crimes Enforcement Network of the Department of the Treasury wrote, “The Central Bank of Iran, which regulates Iranian banks, has assisted designated Iranian banks by transferring billions of dollars to these banks in 2011. In mid-2011, the CBI transferred several billion dollars to designated banks, including Saderat, Mellat, EDBI and Melli, through a variety of payment schemes. In making these transfers, the CBI attempted to evade sanctions by minimizing the direct involvement of large international banks with both CBI and designated Iranian banks.”. (3) On November 22, 2011, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, David Cohen, wrote, “Treasury is calling out the entire Iranian banking sector, including the Central Bank of Iran, as posing terrorist financing, proliferation financing, and money laundering risks for the global financial system.”. (b) Designation of Financial Sector of Iran as of Primary Money Laundering Concern.— The financial sector of Iran, including the Central Bank of Iran, is designated as a primary money laundering concern for purposes of section 5318A of title 31, United States Code, because of the threat to government and financial institutions resulting from the illicit activities of the Government of Iran, including its pursuit of nuclear weapons, support for international terrorism, and efforts to deceive responsible financial institutions and evade sanctions. (c) Freezing of Assets of Iranian Financial Institutions.— 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 an Iranian financial institution 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. (d) Imposition of Sanctions With Respect to the Central Bank of Iran and Other Iranian Financial Institutions.— (1) In general.— Except as specifically provided in this subsection, beginning on the date that is 60 days after the date of the enactment of this Act, the President— (A) 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 with the Central Bank of Iran or another Iranian financial institution designated by the Secretary of the Treasury for the imposition of sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); and (B) may impose sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with respect to the Central Bank of Iran. (2) Exception for sales of food, medicine, and medical devices.— The President may not impose sanctions under paragraph (1) with respect to any person for conducting or facilitating a transaction for the sale of food, medicine, or medical devices to Iran. (3) Applicability of sanctions with respect to foreign central banks.— Except as provided in paragraph (4), sanctions imposed under paragraph (1)(A) shall apply with respect to a foreign financial institution owned or controlled by the government of a foreign country, including a central bank of a foreign country, only insofar as it engages in a financial transaction for the sale or purchase of petroleum or petroleum products to or from Iran conducted or facilitated on or after that date that is 180 days after the date of the enactment of this Act. (4) Applicability of sanctions with respect to petroleum transactions.— (A) Report required.— Not later than 60 days after the date of the enactment of this Act, and every 60 days thereafter, the Administrator of the Energy Information Administration, in consultation with the Secretary of the Treasury, the Secretary of State, and the Director of National Intelligence, shall submit to Congress a report on the availability and price of petroleum and petroleum products produced in countries other than Iran in the 60-day period preceding the submission of the report. (B) Determination required.— Not later than 90 days after the date of the enactment of this Act, and every 180 days thereafter, the President shall make a determination, based on the reports required by subparagraph (A), of whether the price and supply of petroleum and petroleum products produced in countries other than Iran is sufficient to permit purchasers of petroleum and petroleum products from Iran to reduce significantly in volume their purchases from Iran. (C) Application of sanctions.— Except as provided in subparagraph (D), sanctions imposed under paragraph (1)(A) shall apply with respect to a financial transaction conducted or facilitated by a foreign financial institution on or after the date that is 180 days after the date of the enactment of this Act for the purchase of petroleum or petroleum products from Iran if the President determines pursuant to subparagraph (B) 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. (D) Exception.— Sanctions Deadline. imposed pursuant to paragraph (1) shall not apply with respect to a foreign financial institution if the President determines and reports to Congress, not later than 90 days after the date on which the President makes the determination required by subparagraph (B), and every 180 days thereafter, that the country with primary jurisdiction over the foreign financial institution has significantly reduced its volume of crude oil purchases from Iran during the period beginning on the date on which the President submitted the last report with respect to the country under this subparagraph. (5) Waiver.— The President. Determination. Time periods. President may waive the imposition of sanctions under paragraph (1) for a period of not more than 120 days, and may renew that waiver for additional periods of not more than 120 days, if the President— (A) determines that such a waiver is in the national security interest of the United States; and (B) submits to Congress a report— (i) providing a justification for the waiver; and (ii) that includes any concrete cooperation the President has received or expects to receive as a result of the waiver. (e) Multilateral Diplomacy Initiative.— (1) In general.— The President shall— (A) carry out an initiative of multilateral diplomacy to persuade countries purchasing oil from Iran— (i) to limit the use by Iran of revenue from purchases of oil to purchases of non-luxury consumers goods from the country purchasing the oil; and (ii) to prohibit purchases by Iran of— (I) military or dual-use technology, including items— (aa) in the Annex to the Missile Technology Control Regime Guidelines; (bb) in the Annex on Chemicals to the Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and on their Destruction, done at Paris January 13, 1993, and entered into force April 29, 1997 (commonly known as the “Chemical Weapons Convention”); (cc) in Part 1 or 2 of the Nuclear Suppliers Group Guidelines; or (dd) on a control list of the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies; or (II) any other item that could contribute to Iran’s conventional, nuclear, chemical, or biological weapons program; and (B) conduct outreach to petroleum-producing countries to encourage those countries to increase their output of crude oil to ensure there is a sufficient supply of crude oil from countries other than Iran and to minimize any impact on the price of oil resulting from the imposition of sanctions under this section. (2) Report required.— Not later than 180 days after the date of the enactment of this Act, and every 180 days thereafter, the President shall submit to Congress a report on the efforts of the President to carry out the initiative described in paragraph (1)(A) and conduct the outreach described in paragraph (1)(B) and the results of those efforts. (f) Form of Reports.— Each report submitted under this section shall be submitted in unclassified form, but may contain a classified annex. (g) Implementation; Penalties.— (1) Implementation.— The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. (2) Penalties.— 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 regulations prescribed under 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. (h) Definitions.— In this section: (1) Account; correspondent account; payable-through account.— The terms “account”, “correspondent account”, and “payable-through account” have the meanings given those terms in section 5318A of title 31, United States Code. (2) Foreign financial institution.— The term “foreign financial institution” has the meaning of that term as determined by the Secretary of the Treasury pursuant to section 104(i) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513(i)). (3) United states person.— The term “United States person” means— (A) a natural person who is a citizen or resident of the United States or a national of the United States (as defined in section 101(a) of the Immigration and Nationality Act (8 U.S.C. 1101(a))); and (B) an entity that is organized under the laws of the United States or a jurisdiction within the United States.Effective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Threat Reduction and Syria Human Rights Act of 2012
Pub. L. 112–158 § 503(a)(1) · 126 Stat. 1214
Inserted · 22 U.S.C. § 8513a(d)(2)
Pub. L. 112–158, § 503(a)(1), inserted “agricultural commodities,” after “sales of” in heading and after “sale of” in text
Source evidence
Code amendment note
Subsec. (d)(2). Pub. L. 112–158, § 503(a)(1), inserted “agricultural commodities,” after “sales of” in heading and after “sale of” in text.Enacted provision · exact public law section
(1) In general.— Section 1245(d)(2) of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)(2)) is amended— (A) in the paragraph heading, by inserting “agricultural commodities,” after “sales of”; and (B) in the text, by inserting “agricultural commodities,” after “sale of”.Effective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Threat Reduction and Syria Human Rights Act of 2012
Pub. L. 112–158 § 504(a)(1)(A) · 126 Stat. 1214
Struck · 22 U.S.C. § 8513a(d)(3)
Pub. L. 112–158, § 504(a)(1)(A), struck out “a foreign financial institution owned or controlled by the government of a foreign country, including” after “with respect to”
Source evidence
Code amendment note
Subsec. (d)(3). Pub. L. 112–158, § 504(a)(1)(A), struck out “a foreign financial institution owned or controlled by the government of a foreign country, including” after “with respect to”.Enacted provision · exact public law section
(A) in paragraph (3), by striking “a foreign financial institution owned or controlled by the government of a foreign country, including”; andEffective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Threat Reduction and Syria Human Rights Act of 2012
Pub. L. 112–158 § 503(b)(1) · 126 Stat. 1214
Substituted · 22 U.S.C. § 8513a(d)(4)(A)
Pub. L. 112–158, § 503(b)(1), substituted “October 25, 2012, and the last Thursday of every other month thereafter” for “60 days after December 31, 2011, and every 60 days thereafter”
Substituted · 22 U.S.C. § 8513a(d)(4)(A)
Pub. L. 112–158, § 503(b)(1), substituted “2-month period” for “60-day period”
Source evidence
Code amendment note
Subsec. (d)(4)(A). Pub. L. 112–158, § 503(b)(1), substituted “October 25, 2012, and the last Thursday of every other month thereafter” for “60 days after December 31, 2011, and every 60 days thereafter” and “2-month period” for “60-day period”.Enacted provision · exact public law section
(1) In general.— Section 1245(d)(4)(A) of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)(4)(A)) is amended— (A) by striking “60 days after the date of the enactment of this Act, and every 60 days thereafter” and inserting “October 25, 2012, and the last Thursday of every other month thereafter”; and (B) by striking “60-day period” and inserting “2-month period”.Effective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Threat Reduction and Syria Human Rights Act of 2012
Pub. L. 112–158 § 504(a)(1)(B)(i) · 126 Stat. 1214
Amended · 22 U.S.C. § 8513a(d)(4)(D)(i)
Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), designated existing provisions as cl. (i)
Inserted · 22 U.S.C. § 8513a(d)(4)(D)(i)
Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), inserted cl. heading
Substituted · 22 U.S.C. § 8513a(d)(4)(D)(i)
Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), substituted “a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution” for “a foreign financial institution”
Substituted · 22 U.S.C. § 8513a(d)(4)(D)(i)
Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), substituted “institution—” for “institution has significantly”
Inserted · 22 U.S.C. § 8513a(d)(4)(D)(i)
Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), inserted subcl. (I) designation and “has significantly reduced” before “reduced its volume”
Added · 22 U.S.C. § 8513a(d)(4)(D)(i)
Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), added subcl. (II)
Source evidence
Code amendment note
Subsec. (d)(4)(D)(i). Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), designated existing provisions as cl. (i) and inserted cl. heading, substituted “a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution” for “a foreign financial institution” and “institution—” for “institution has significantly”, inserted subcl. (I) designation and “has significantly reduced” before “reduced its volume”, and added subcl. (II).Enacted provision · exact public law section
(i) by striking “Sanctions imposed” and inserting the following: “(i) In general.— Sanctions imposed” ;Effective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Threat Reduction and Syria Human Rights Act of 2012
Pub. L. 112–158 § 504(a)(1)(B)(iii) · 126 Stat. 1214
Added · 22 U.S.C. § 8513a(d)(4)(D)(ii)
Pub. L. 112–158, § 504(a)(1)(B)(iii), added cl. (ii)
Source evidence
Code amendment note
Subsec. (d)(4)(D)(ii). Pub. L. 112–158, § 504(a)(1)(B)(iii), added cl. (ii).Enacted provision · exact public law section
(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.” ;Effective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Threat Reduction and Syria Human Rights Act of 2012
Pub. L. 112–158 § 504(a)(2) · 126 Stat. 1214
Added · 22 U.S.C. § 8513a(h)(3); 22 U.S.C. § 8513a(h)(4)
Pub. L. 112–158, § 504(a)(2), added par. (3)
Redesignated · 22 U.S.C. § 8513a(h)(3); 22 U.S.C. § 8513a(h)(4)
Pub. L. 112–158, § 504(a)(2), redesignated former par. (3) as (4)
Source evidence
Code amendment note
Subsec. (h)(3), (4). Pub. L. 112–158, § 504(a)(2), added par. (3) and redesignated former par. (3) as (4).Enacted provision · exact public law section
(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.” ; andEffective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Threat Reduction and Syria Human Rights Act of 2012
Pub. L. 112–158 § 504(a)(3) · 126 Stat. 1214
Added · 22 U.S.C. § 8513a(i)
Pub. L. 112–158, § 504(a)(3), added subsec. (i)
Source evidence
Code amendment note
Subsec. (i). Pub. L. 112–158, § 504(a)(3), added subsec. (i).Enacted provision · exact public law section
(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)).” .Effective date note
Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).” Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.” Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [Aug. 10, 2012].”Iran Freedom and Counter-Proliferation Act of 2012
Pub. L. 112–239 div. A title XII § 1250 · 126 Stat. 1632
Added · 22 U.S.C. § 8513a(d)(5)(B)(ii); 22 U.S.C. § 8513a(d)(5)(B)(iii)
Pub. L. 112–239 added cl. (ii)
Redesignated · 22 U.S.C. § 8513a(d)(5)(B)(ii); 22 U.S.C. § 8513a(d)(5)(B)(iii)
Pub. L. 112–239 redesignated former cl. (ii) as (iii)
Source evidence
Code amendment note
Subsec. (d)(5)(B)(ii), (iii). Pub. L. 112–239 added cl. (ii) and redesignated former cl. (ii) as (iii).Enacted provision · exact public law section
SEC. 1250. WAIVER REQUIREMENT RELATED TO EXCEPTIONAL CIRCUMSTANCES PREVENTING SIGNIFICANT REDUCTIONS IN CRUDE OIL PURCHASES. Section 1245(d)(5)(B) of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)(5)(B)) is amended— (1) in clause (i), by striking “; and” and inserting a semicolon; (2) by redesignating clause (ii) as clause (iii); and (3) by inserting after clause (i) the following new clause: “(ii) certifying that the country with primary jurisdiction over the foreign financial institution otherwise subject to the sanctions faced exceptional circumstances that prevented the country from being able to reduce significantly its purchases of petroleum and petroleum products from Iran; and” .Pub. L. 118–50 div. S § 2 · 138 Stat. 1003
Added · 22 U.S.C. § 8513a(d)(5); 22 U.S.C. § 8513a(d)(6)
Pub. L. 118–50 added par. (5)
Redesignated · 22 U.S.C. § 8513a(d)(5); 22 U.S.C. § 8513a(d)(6)
Pub. L. 118–50 redesignated former par. (5) as (6)
Unresolved: Pub. L. 118–50 was not found in the local Statutes at Large index.
Source evidence
Code amendment note
Subsec. (d)(5), (6). Pub. L. 118–50 added par. (5) and redesignated former par. (5) as (6).
17 of 19 references resolved to an enrolled provision · 2 unresolved
Editorial Notes
References in Text
The International Emergency Economic Powers Act, referred to in subsecs. (c) and (d)(1), is title II of Pub. L. 95–223, , 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables.
Codification
Section was enacted as part of the National Defense Authorization Act for Fiscal Year 2012, and not as part of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 which comprises this chapter.
Amendments2012–2024 · 3 rounds
2024
Subsec. (d)(5), (6). Pub. L. 118–50 added par. (5) and redesignated former par. (5) as (6).
2013
Subsec. (d)(5)(B)(ii), (iii). Pub. L. 112–239 added cl. (ii) and redesignated former cl. (ii) as (iii).
2012
Subsec. (d)(2). Pub. L. 112–158, § 503(a)(1), inserted “agricultural commodities,” after “sales of” in heading and after “sale of” in text.
Subsec. (d)(3). Pub. L. 112–158, § 504(a)(1)(A), struck out “a foreign financial institution owned or controlled by the government of a foreign country, including” after “with respect to”.
Subsec. (d)(4)(A). Pub. L. 112–158, § 503(b)(1), substituted “, and the last Thursday of every other month thereafter” for “60 days after , and every 60 days thereafter” and “2-month period” for “60-day period”.
Subsec. (d)(4)(D)(i). Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), designated existing provisions as cl. (i) and inserted cl. heading, substituted “a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution” for “a foreign financial institution” and “institution—” for “institution has significantly”, inserted subcl. (I) designation and “has significantly reduced” before “reduced its volume”, and added subcl. (II).
Subsec. (d)(4)(D)(ii). Pub. L. 112–158, § 504(a)(1)(B)(iii), added cl. (ii).
Subsec. (h)(3), (4). Pub. L. 112–158, § 504(a)(2), added par. (3) and redesignated former par. (3) as (4).
Subsec. (i). Pub. L. 112–158, § 504(a)(3), added subsec. (i).
Statutory Notes and Related Subsidiaries
Effective Date of 2012 Amendment
Pub. L. 112–158, title V, § 503(a)(2), , 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).”
Pub. L. 112–158, title V, § 503(b)(2), , 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on .”
Pub. L. 112–158, title V, § 504(b), , 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] 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 [].”
Executive Documents
Delegation of Functions
Ex. Ord. No. 13599, , 77 F.R. 6659, which is listed in a table under section 1701 of Title 50, War and National Defense, provided in section 10 that the Secretary of the Treasury, in consultation with the Secretary of State, is authorized to exercise the functions and authorities conferred upon the President by subsecs. (d)(1)(A) and (g)(1) of this section and to redelegate such functions and authorities consistent with applicable law; and provided in section 11 that the Secretary of State, in consultation with the Secretary of the Treasury, the Secretary of Energy, and the Director of National Intelligence, is authorized to exercise the functions and authorities conferred upon the President by subsec. (d)(4)(D) of this section and that the Secretary of State, in consultation with the Secretary of the Treasury, is authorized to exercise the functions and authorities conferred upon the President by subsecs. (e)(1), (2) and (g)(1) of this section and to redelegate all such functions and authorities consistent with applicable law.
Memorandum of President of the United States, , 79 F.R.6453, provided:
Memorandum for the Secretary of State
By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3 of the United States Code, I hereby delegate to the Secretary of State, in consultation with the Secretary of the Treasury, the authority conferred upon the President by section 1245(d)(5) of the Fiscal Year (FY) 2012 National Defense Authorization Act (NDAA).
Any reference in this memorandum to provisions of the FY 2012 NDAA related to the subject of this memorandum shall be deemed to include references to any hereafter enacted provisions of law that is the same or substantially the same as such provisions.
You are authorized and directed to publish this memorandum in the Federal Register.
Barack Obama.
Presidential Determinations Relating to Petroleum or Petroleum Products from Iran
The following Presidential Determinations related to the existence of sufficient supplies of petroleum and petroleum products from countries other than Iran pursuant to subsec. (d)(4)(B) and (C) of this section:
Determination of President of the United States, No. 2026–01, , 90 F.R. 59709.
Determination of President of the United States, No. 2025–04, , 90 F.R. 22835.
Determination of President of the United States, No. 2025–01, , 89 F.R. 92025.
Determination of President of the United States, No. 2024–04, , 89 F.R. 46015.
Determination of President of the United States, No. 2024–01, , 88 F.R. 82775.
Determination of President of the United States, No. 2023–08, , 88 F.R. 32619.
Determination of President of the United States, No. 2023–03, , 88 F.R. 8347.
Determination of President of the United States, No. 2022–12, , 87 F.R. 30383.
Determination of President of the United States, No. 2022–04, , 86 F.R. 64795.
Determination of President of the United States, No. 2021–07, , 86 F.R. 28235.
Determination of President of the United States, No. 2021–03, , 86 F.R. 7789.
Determination of President of the United States, No. 2020–06, , 85 F.R. 36995.
Determination of President of the United States, No. 2020–03, , 84 F.R. 59917.
Determination of President of the United States, No. 2019–12, , 84 F.R. 22327.
Determination of President of the United States, No. 2019–04, , 83 F.R. 57673.
Determination of President of the United States, No. 2018–08, , 83 F.R. 26345.
Determination of President of the United States, No. 2018–1 [2018–01], , 82 F.R. 59503.
Determination of President of the United States, No. 2017–06, , 82 F.R. 28391.
Determination of President of the United States, No. 2017–01, , 81 F.R. 85833.
Determination of President of the United States, No. 2016–06, , 81 F.R. 37481.
Determination of President of the United States, No. 2016–03, , 80 F.R. 75921.
Determination of President of the United States, No. 2015–06, , 80 F.R. 32851.
Determination of President of the United States, No. 2015–02, , 79 F.R. 71619.
Determination of President of the United States, No. 2014–11, , 79 F.R. 33841.
Determination of President of the United States, No. 2014–03, , 78 F.R. 76717.
Determination of President of the United States, No. 2013–10, , 78 F.R. 35537.
Determination of President of the United States, No. 2013–03, , 77 F.R. 76213.
Determination of President of the United States, No. 2012–09, , 77 F.R. 36387.
Determination of President of the United States, No. 2012–05, , 77 F.R. 21387.
Credits
2011–2024 · 4 acts
- 2011Pub. L. 112–81, div. A, title XII, § 1245, , 125 Stat. 1647
- 2012Pub. L. 112–158, title V, §§ 503(a)(1), (b)(1), 504(a), , 126 Stat. 1260, 1261
- 2013Pub. L. 112–239, div. A, title XII, § 1250, , 126 Stat. 2016
- 2024Pub. L. 118–50, div. S, § 2, , 138 Stat. 1003.
Show as published
(Pub. L. 112–81, div. A, title XII, § 1245, , 125 Stat. 1647; Pub. L. 112–158, title V, §§ 503(a)(1), (b)(1), 504(a), , 126 Stat. 1260, 1261; Pub. L. 112–239, div. A, title XII, § 1250, , 126 Stat. 2016; Pub. L. 118–50, div. S, § 2, , 138 Stat. 1003.)