II 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SALE OF PETROLEUM FROM STRATEGIC PE4 TROLEUM RESERVE. 

5 (a) IN GENERAL.—The Secretary of Energy (referred 

6 to in this section as the ‘‘Secretary’’) shall engage in any 

7 sale, purchase, or exchange activity involving the Strategic 

8 Petroleum Reserve established under part B of title I of 


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1 the Energy Policy and Conservation Act (42 U.S.C. 6231 

2 et seq.) (referred to in this section as the ‘‘Reserve’’) only 

3 with a person that certifies to the Secretary that the per4 son is not directly or indirectly conducting transactions 

5 in or with Iran or an Iranian entity. 

6 (b) CERTIFICATION.—To be eligible to participate in 

7 any sale, purchase, or exchange activity involving the Re8 serve, a person shall certify to the Secretary, on a regular 

9 basis, that the person is not directly or indirectly con10 ducting transactions in or with Iran or an Iranian entity 

11 (including executed contracts and ongoing negotiations re12 lating to such transactions). 

13 (c) NEW ACTIVITIES.—Prior to participating in any 

14 sale, purchase, or exchange activity involving the Reserve, 

15 a person shall disclose to the Secretary any new activity 

16 of the person relating to directly or indirectly conducting 

17 transactions in or with Iran or an Iranian entity (includ18 ing executed contracts and ongoing negotiations relating 

19 to such transactions). 

20 (d) EXCEPTIONS.—This section shall not apply to a 

21 transaction of a person relating to the provision of human22 itarian assistance, an agricultural commodity or product, 

23 medicine, or a medical device to Iran or an Iranian entity. 


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1 (e) WAIVER.—The President may waive the require2 ment for certification with respect to a person under this 

3 section if the President— 

4 (1) determines that such a waiver is in the na5 tional interests of the United States; and 

6 (2) not later than 15 days after making the de7 termination, submits to the appropriate congres8 sional committees a report that describes the reasons 

9 for the determination. 

10 (f) APPLICABILITY.—The requirements of this sec11 tion terminate on the date on which the President deter12 mines that all economic sanctions imposed by the United 

13 States with respect to Iran have been lifted. 

14 SEC. 2. REPORTS ON IRANIAN IMPORTS OF CRUDE OIL AND 

15 REFINED PETROLEUM PRODUCTS. 

16 (a) IN GENERAL.—Not later than 180 days after the 

17 date of enactment of this Act and every 180 days there18 after, the Comptroller General of the United States shall 

19 submit to Congress a report that, to the maximum extent 

20 practicable, describes— 

21 (1) the annual volume and national origin of 

22 crude oil and refined petroleum products imported to 

23 and exported from Iran (including through swaps 

24 and similar arrangements); 


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1 (2) the identity and national origin of persons 

2 selling and transporting crude oil and refined petro3 leum products described in paragraph (1); 

4 (3) entities providing shipping and insurance 

5 services to Iran; 

6 (4) the sources of financing for imports to Iran 

7 of crude oil and refined petroleum products de8 scribed in paragraph (1); and 

9 (5) the involvement of persons in efforts to as10 sist Iran, and to conduct joint ventures with Iran, 

11 in— 

12 (A) developing upstream oil and gas pro13 duction capacity; 

14 (B) importing advanced technology to up15 grade existing Iranian refineries; 

16 (C) converting existing chemical plants to 

17 petroleum refineries; or 

18 (D) maintaining, upgrading, or expanding 

19 refineries or constructing new refineries. 

20 (b) APPLICABILITY.—The period covered by reports 

21 under subsection (a) shall— 

22 (1) commence on July 1, 2010; and 

23 (2) terminate on the date on which the Presi24 dent determines that all economic sanctions imposed 


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1 by the United States with respect to Iran have been 

2 lifted. 

Æ 


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