To expand sanctions with respect to the energy sector of Iran, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iranian Energy Sector and 
Proliferation Sanctions Act''.

SEC. 2. EXPANSION OF SANCTIONS WITH RESPECT TO THE ENERGY SECTOR OF 
              IRAN.

    (a) Sense of Congress.--It is the sense of the Congress that--
            (1) as noted in United Nations Security Council Resolution 
        1929 (2010), the revenues derived by the Government of Iran 
        from the energy sector of Iran may be used to fund Iran's 
        proliferation-sensitive nuclear activities; and
            (2) the energy sector of Iran should be regarded as a zone 
        of proliferation concern with which no legitimate international 
        business should be conducted.
    (b) Imposition of Sanctions With Respect to Certain Entities in the 
Energy Sector of Iran.--
            (1) In general.--Except as specifically provided in this 
        section, beginning on the date that is 60 days after the date 
        of the enactment of this Act, the President shall impose 
        sanctions pursuant to the International Emergency Economic 
        Powers Act (50 U.S.C. 1701 et seq.) with respect to any person 
        that conducts any transaction with, or invests in, any entity 
        described in paragraph (2).
            (2) Entity described.--An entity described in this 
        paragraph is--
                    (A) any entity that--
                            (i) is organized under the laws of Iran or 
                        otherwise subject to the jurisdiction of the 
                        Government of Iran; and
                            (ii)(I) is involved in the development, 
                        production, extraction, or transportation of 
                        petroleum, refined petroleum products, natural 
                        gas, or petrochemical products, without regard 
                        to whether such development, production, 
                        extraction, or transportation occurs in Iran; 
                        or
                            (II) provides financing or other services 
                        with respect to such development, production, 
                        extraction, or transportation; and
                    (B) any entity that provides goods, services, or 
                technology to an entity described in subparagraph (A).
            (3) Services defined.--For purposes of this subsection, the 
        term ``services'' includes transportation, insurance, 
        reinsurance, software, hardware, financial, professional 
        consulting, engineering, specialized energy information, and 
        support services.
    (c) Applicability of Sanctions With Respect to Crude Oil Purchases 
From Iran.--Sanctions imposed pursuant to subsection (b) shall not 
apply with respect to a person that purchases crude oil from Iran, or 
with respect to a person that provides goods, services, or technology 
to facilitate or enable such a purchase, if an exemption under 
paragraph (4)(D) of section 1245(d) of the National Defense 
Authorization Act for Fiscal Year 2012 (Public Law 112-81; 125 Stat. 
1648) to the imposition of sanctions under paragraph (1) of that 
section applies with respect to the country with primary jurisdiction 
over the person that purchases crude oil from Iran at the time of the 
purchase.
    (d) Waiver.--The President may waive the imposition of sanctions 
under subsection (b) 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--
            (1) determines that such a waiver is vital to the national 
        security of the United States; and
            (2) submits to Congress a report--
                    (A) providing a justification for the waiver; and
                    (B) that includes any concrete cooperation the 
                President has received or expects to receive as a 
                result of the waiver.
    (e) Report.--
            (1) In general.--Not later than 180 days after the date of 
        the enactment of this Act, and every 180 days thereafter, the 
        Comptroller General of the United States shall submit to the 
        appropriate congressional committees a report that identifies 
        each entity described in subsection (b)(2).
            (2) Form of report.--Each report submitted under this 
        subsection shall be submitted in unclassified form, but may 
        contain a classified annex.
    (f) Rule of Construction.--Nothing in this section shall be 
construed to require or authorize the imposition of sanctions with 
respect to any person that participates in, or provides services to, a 
joint venture established before January 1, 2002, with respect to the 
development of petroleum resources outside of Iran.
    (g) Definitions.--In this section--
            (1) the term ``appropriate congressional committees'' has 
        the meaning given the term in section 14 of the Iran Sanctions 
        Act of 1996 (Public Law 104-172; 50 U.S.C. 1701 note);
            (2) the term ``petrochemical product'' includes any 
        aromatic, olefin, or synthesis gas, and any derivative of such 
        a gas, including ethylene, propylene, butadiene, benzene, 
        toluene, xylene, ammonia, methanol, and urea; and
            (3) the ``refined petroleum products'' has the meaning 
        given the term in section 14 of the Iran Sanctions Act of 1996 
        (Public Law 104-172; 50 U.S.C. 1701 note).

Summary: Iranian Energy Sector and Proliferation Sanctions Act - Directs the President to impose specified sanctions against a person that conducts any transaction with, or invests in, any entity that: (1) is organized under Iranian law or otherwise subject to Iranian jurisdiction and is involved in the production, extraction, or transportation of petroleum, refined petroleum products, natural gas, or petrochemical products, or provides financing or other services with respect to such activities. And (2) provides to such entity technology, goods, or services . Exempts from such sanctions certain crude oil purchases from Iran if a specified exemption under the National Defense Authorization Act for Fiscal Year 2012 applies to the country with primary jurisdiction over the purchaser.