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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 2058 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 2058

      To close loopholes, increase transparency, and improve the 
   effectiveness of sanctions on Iranian trade in petroleum products.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                            February 1, 2012

Ms. Murkowski (for herself, Ms. Cantwell, Mr. Heller, Mrs. Gillibrand, 
Mr. Portman, Mr. Barrasso, Mr. Cornyn, Mr. Kyl, Mr. Vitter, Mr. Risch, 
   Mr. Hoeven, Ms. Landrieu, Mr. Begich, Mr. Lugar, Mr. Bennet, Mr. 
Menendez, and Mr. Crapo) introduced the following bill; which was read 
  twice and referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL

 
      To close loopholes, increase transparency, and improve the 
   effectiveness of sanctions on Iranian trade in petroleum products.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SALE OF PETROLEUM FROM STRATEGIC PETROLEUM RESERVE.

    (a) In General.--The Secretary of Energy (referred to in this 
section as the ``Secretary'') shall engage in any sale, purchase, or 
exchange activity involving the Strategic Petroleum Reserve established 
under part B of title I of the Energy Policy and Conservation Act (42 
U.S.C. 6231 et seq.) (referred to in this section as the ``Reserve'') 
only with a person that certifies to the Secretary that the person is 
not directly or indirectly conducting transactions in or with Iran or 
an Iranian entity.
    (b) Certification.--To be eligible to participate in any sale, 
purchase, or exchange activity involving the Reserve, a person shall 
certify to the Secretary, on a regular basis, that the person is not 
directly or indirectly conducting transactions in or with Iran or an 
Iranian entity (including executed contracts and ongoing negotiations 
relating to such transactions).
    (c) New Activities.--Prior to participating in any sale, purchase, 
or exchange activity involving the Reserve, a person shall disclose to 
the Secretary any new activity of the person relating to directly or 
indirectly conducting transactions in or with Iran or an Iranian entity 
(including executed contracts and ongoing negotiations relating to such 
transactions).
    (d) Exceptions.--This section shall not apply to a transaction of a 
person relating to the provision of humanitarian assistance, an 
agricultural commodity or product, medicine, or a medical device to 
Iran or an Iranian entity.
    (e) Waiver.--The President may waive the requirement for 
certification with respect to a person under this section if the 
President--
            (1) determines that such a waiver is in the national 
        interests of the United States; and
            (2) not later than 15 days after making the determination, 
        submits to the appropriate congressional committees a report 
        that describes the reasons for the determination.
    (f) Applicability.--The requirements of this section terminate on 
the date on which the President determines that all economic sanctions 
imposed by the United States with respect to Iran have been lifted.

SEC. 2. REPORTS ON IRANIAN IMPORTS OF CRUDE OIL AND REFINED PETROLEUM 
              PRODUCTS.

    (a) In General.--Not later than 180 days after the date of 
enactment of this Act and every 180 days thereafter, the Comptroller 
General of the United States shall submit to Congress a report that, to 
the maximum extent practicable, describes--
            (1) the annual volume and national origin of crude oil and 
        refined petroleum products imported to and exported from Iran 
        (including through swaps and similar arrangements);
            (2) the identity and national origin of persons selling and 
        transporting crude oil and refined petroleum products described 
        in paragraph (1);
            (3) entities providing shipping and insurance services to 
        Iran;
            (4) the sources of financing for imports to Iran of crude 
        oil and refined petroleum products described in paragraph (1); 
        and
            (5) the involvement of persons in efforts to assist Iran, 
        and to conduct joint ventures with Iran, in--
                    (A) developing upstream oil and gas production 
                capacity;
                    (B) importing advanced technology to upgrade 
                existing Iranian refineries;
                    (C) converting existing chemical plants to 
                petroleum refineries; or
                    (D) maintaining, upgrading, or expanding refineries 
                or constructing new refineries.
    (b) Applicability.--The period covered by reports under subsection 
(a) shall--
            (1) commence on July 1, 2010; and
            (2) terminate on the date on which the President determines 
        that all economic sanctions imposed by the United States with 
        respect to Iran have been lifted.
                                 <all>
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