SECTION 1. AMENDMENT TO COMPREHENSIVE IRAN SANC-
TIONS, ACCOUNTABILITY, AND DIVESTMENT 
ACT. 
Section 104(c) of the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (22 U.S.C. 
8501 et seq.) is amended by adding at the end the fol-
lowing new paragraph: 
‘‘(4) DETERMINATIONS REGARDING NIOC AND 
NITC.— 
‘‘(A) DETERMINATIONS.—For purposes of 
paragraph (2)(E)(i), the Secretary of the 
Treasury shall, not later than 60 days after the 
date of the enactment of this paragraph— 
‘‘(i) determine whether the NIOC or 
the NITC is an agent or affiliate of Iran’s 
Islamic Revolutionary Guard Corps; and 
‘‘(ii) submit to the appropriate con-
gressional committees the determinations 
made under clause (i), together with the 
reasons for those determinations. 
‘‘(B) FORM
OF
REPORT.—A report sub-
mitted under subparagraph (A)(ii) shall be sub-
mitted in unclassified form but may contain a 
classified annex. 
‘‘(C) APPLICABILITY
WITH
RESPECT
TO 
PETROLEUM TRANSACTIONS.— 
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‘‘(i) APPLICATION
OF
SANCTIONS.— 
Except as provided in clause (ii), the regu-
lations prescribed under paragraph (1) 
shall apply to a transaction for the pur-
chase of petroleum or petroleum products 
from, or to financial services relating to 
such a transaction for, NIOC or NITC on 
or after the date that is 180 days after the 
date of the enactment of the National De-
fense Authorization Act for Fiscal Year 
2012 (Public Law 112–81) only if the 
President has determined, pursuant to sec-
tion 1245(d)(4)(B) of that Act, that there 
is a sufficient supply of petroleum and pe-
troleum products produced in countries 
other than Iran to permit purchasers of 
petroleum and petroleum products from 
Iran to reduce significantly in volume their 
purchases from Iran. 
‘‘(ii) EXCEPTION FOR CERTAIN COUN-
TRIES.—The regulations prescribed under 
paragraph (1) shall not apply to a foreign 
financial institution that facilitates a sig-
nificant transaction or transactions for the 
purchase of petroleum or petroleum prod-
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ucts from, or that provides significant fi-
nancial services relating to such a trans-
action for, NIOC or NITC if the President 
determines and reports to Congress, not 
later than 90 days after the date on which 
the President makes the determination re-
quired by section 1245(d)(4)(B) of the Na-
tional Defense Authorization Act for Fiscal 
Year 2012, and every 180 days thereafter, 
that the country with primary jurisdiction 
over the foreign financial institution has 
significantly reduced its volume of crude 
oil purchases from Iran during the period 
beginning on the date on which the Presi-
dent submitted the last report with respect 
to the country under this clause. 
‘‘(D) DEFINITIONS.—In this paragraph: 
‘‘(i) NIOC.—The term ‘NIOC’ means 
the National Iranian Oil Company. 
‘‘(ii) NITC.—The term ‘NITC’ means 
the National Iranian Tanker Company. 
‘‘(iii) AGENT.—The term ‘agent’ in-
cludes an entity established by person for 
purposes of conducting transactions on be-
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half of the person in order to conceal the 
identity of the person.’’. 
Æ 
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