Iran Export Embargo Act

Summary: Iran Export Embargo Act - Amends the Iran Freedom and Counter-Proliferation Act of 2012 to direct the President to prohibit all transactions in property and property interests of a person (as defined in this Act) if such property and property interests are in the United States or within the possession or control of a U.S. individual. Directs the President to 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 has knowingly conducted or facilitated a significant transaction with respect to the importation, sale, or transfer of goods or services from Iran on behalf of a described person. Directs the President to impose sanctions pursuant to the International Emergency Economic Powers Act with respect to an individual that knowingly: (1) imports, purchases, or transfers goods or services from a described person; and (2) provides underwriting services or insurance or reinsurance to a described person.  Describes a "person" as: (1) the state and the government of Iran, or any political subdivision, agency, or instrumentality of such government, including the Central Bank of Iran; (2) any person owned or controlled by, or acting for or on behalf of, such government; or (3) any other person determined by the President to be described in clauses (1) or (2).

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran Export Embargo Act''.

SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO THE GOVERNMENT OF IRAN.

    The Iran Freedom and Counter-Proliferation Act of 2012 (22 U.S.C. 
8801 et seq.) is amended by inserting after section 1245 the following:

``SEC. 1245A. IMPOSITION OF SANCTIONS WITH RESPECT TO THE GOVERNMENT OF 
              IRAN.

    ``(a) Findings.--Congress makes the following findings:
            ``(1) The Government of Iran stands in violation of the 
        United Nations Universal Declaration of Human Rights, adopted 
        at Paris December 10, 1948, by denying its citizens basic 
        freedoms, including the freedoms of expression, religion, and 
        peaceful assembly and movement, and for flagrantly abusing the 
        rights of minorities and women.
            ``(2) The Government of Iran remains the leading state 
        sponsor of terrorism in the world. That Government's 
        sponsorship of terrorism includes recent involvement in a 
        terrorist attack in Bulgaria, a plot to blow up a cafe in 
        Washington, DC, a plot to assassinate United States officials 
        in the Republic of Azerbaijan, and attempted terrorist attacks 
        in Canada and the Republic of Georgia.
            ``(3) The Government of Iran stands in violation of United 
        Nations Security Council Resolutions 1737 (2006), 1747 (2007), 
        1803 (2008), and 1929 (2010) by refusing to suspend 
        proliferation-sensitive nuclear activities, including all 
        enrichment-related and reprocessing activities and work on all 
        heavy water-related projects.
            ``(4) The Government of Iran continues to develop ballistic 
        missiles capable of threatening the interests and allies of the 
        United States.
            ``(5) The Government of Iran stands in violation of United 
        Nations Security Council Resolution 1701 (2006) by its 
        continued transfer of arms to terrorist groups in southern 
        Lebanon.
            ``(6) The Government of Iran continues to provide arms to 
        terrorist groups in the Gaza Strip.
            ``(7) The Government of Iran continues to support the 
        Government of Syria in carrying out human rights abuses and 
        crimes against humanity against the people of Syria.
    ``(b) Blocking of Property.--On and after the date that is 60 days 
after the date of the enactment of this Act, the President shall block 
and prohibit all transactions in all property and interests in property 
of a person described in subsection (f) 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.
    ``(c) Facilitation of Certain Transactions.--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, on or after the date that is 60 
days after the date of the enactment of this Act, conducted or 
facilitated a significant transaction with respect to the importation, 
sale, or transfer of goods or services from Iran on behalf of a person 
described in subsection (f).
    ``(d) Importation, Sale, or Transfer of Goods and Services From 
Iran.--The President shall impose sanctions pursuant to the 
International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) 
with respect to a person if the President determines that the person 
knowingly, on or after the date that is 60 days after the date of the 
enactment of this Act, imports, purchases, or transfers goods or 
services from a person described in subsection (f).
    ``(e) Insurance and Reinsurance.--
            ``(1) In general.--The President shall impose sanctions 
        pursuant to the International Emergency Economic Powers Act (50 
        U.S.C. 1701 et seq.) with respect to a person if the President 
        determines that the person knowingly, on or after the date that 
        is 60 days after the date of the enactment of this Act, 
        provides underwriting services or insurance or reinsurance to a 
        person described in subsection (f).
            ``(2) Exception for underwriters and insurance providers 
        exercising due diligence.--The President may not impose 
        sanctions under paragraph (1) with respect to a person that 
        provides underwriting services or insurance or reinsurance if 
        the President determines that the person has exercised due 
        diligence in establishing and enforcing official policies, 
        procedures, and controls to ensure that the person does not 
        underwrite or enter into a contract to provide insurance or 
        reinsurance for a person described in subsection (f).
    ``(f) Persons Described.--A person described in this subsection is 
any of the following:
            ``(1) The state and the Government of Iran, or any 
        political subdivision, agency, or instrumentality of that 
        Government, including the Central Bank of Iran.
            ``(2) Any person owned or controlled, directly or 
        indirectly, by that Government.
            ``(3) Any person acting or purporting to act, directly or 
        indirectly, for or on behalf of that Government.
            ``(4) Any other person determined by the President to be 
        described in paragraph (1), (2), or (3).
    ``(g) Rule of Construction.--A person described in subsection (f) 
is subject to sanctions under this section without regard to whether 
the name of the person is published in the Federal Register or 
incorporated into the list of specially designated nationals and 
blocked persons maintained by the Office of Foreign Assets Control of 
the Department of the Treasury.
    ``(h) Applicability to Exports of Crude Oil From Iran.--Subsections 
(c) and (d) shall apply with respect to the exportation, importation, 
sale, or transfer of crude oil from Iran on and after the date that is 
180 days after the date of the enactment of this Act.''.