Iran Export Embargo Act

To impose sanctions with respect to the Government of Iran. 1. Short title This Act may be cited as the Iran Export Embargo Act 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. 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. (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. (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. .

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).