chases of crude oil from Iran or of 
Iranian origin; or’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall take effect beginning on the date that 
is 30 days after the date of the enactment of this Act. 
SEC. 204. SENSE OF CONGRESS REGARDING THE EURO-
PEAN CENTRAL BANK. 
(a) FINDINGS.—Congress finds the following: 
(1) The Government of Iran, its agencies and 
instrumentalities, continue to have access to, and 
utilize, euro-denominated transactions, including for 
goods and services that are subject to sanctions im-
posed by the United States, the European Union 
and its member states and by the United Nations. 
(2) The Guidelines of the European Central 
Bank (Article 39(1)) states that: ‘‘Participants shall 
be deemed to be aware of, and shall comply with, all 
obligations on them relating to legislation on data 
protection, prevention of money laundering and the 
financing of terrorism, proliferation-sensitive nuclear 
activities and the development of nuclear weapons 
delivery systems, in particular in terms of imple-
menting appropriate measures concerning any pay-
ments debited or credited on their PM accounts.’’ 
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(3) United States and European convergence 
with respect to United States sanctions efforts to-
ward the Iranian regime is a vital component of 
United States policy aimed at preventing the Iranian 
regime from acquiring a nuclear weapons capability. 
(b) SENSE OF CONGRESS.—It is the sense of Con-
gress that the President should closely coordinate and co-
operate with the European Union and its member states 
to restrict access and use of the euro currency by the Gov-
ernment of Iran, its agencies and instrumentalities, for 
transactions (with the exception of food, medicine, medical 
devices and other humanitarian goods), including through 
the payment systems of the European Central Bank, such 
as its second generation Trans-European Automated Real- 
time Gross Settlement Express Transfer System, and local 
and regional Euro settlement platforms. 
TITLE III—MISCELLANEOUS 
PROVISIONS 
SEC. 301. REPORT ON IRANIAN NUCLEAR AND ECONOMIC 
CAPABILITIES. 
(a) IN GENERAL.—Not later that 60 days after the 
date of the enactment of this Act, and every 60 days there-
after, the President shall submit to the appropriate con-
gressional committees a report on the following: 
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(1) An estimate of the timeline for Iranian ca-
pabilities to develop nuclear weapons, including— 
(A) a nuclear explosive device; and 
(B) breakout capacity. 
(2) An assessment of Iranian strategy and ca-
pabilities relating to development of nuclear weap-
ons, including— 
(A) a summary and analysis of current nu-
clear weapons capabilities; 
(B) an estimate of the amount and sources 
of funding expended by, and an analysis of pro-
curement networks utilized by, Iran to develop 
its nuclear weapons capabilities; 
(C) a summary of the capabilities of Iran’s 
unconventional weapons and Iran’s ballistic 
missile forces and Iran’s cruise missile forces; 
(D) a detailed analysis of the effectiveness 
of Iran’s unconventional weapons and Iran’s 
ballistic missile forces and Iran’s cruise missile 
forces as delivery systems for a nuclear device; 
and 
(E) an estimate of the amount and sources 
of funding expended by, and an analysis of pro-
curement networks utilized by, Iran on pro-
grams to develop a nuclear weapons capability. 
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(3) Projected economic effects of international 
sanctions on Iran, including— 
(A) sources of funding for the activities of 
the Government of Iran described in para-
graphs (1) and (2); 
(B) the role of the Government of Iran in 
the formal and informal sector of the domestic 
Iranian economy; 
(C) evasive and other efforts by the Gov-
ernment of Iran to circumvent international 
and bilateral sanctions regimes; and 
(D) Iran’s capital accounts, current ac-
counts, foreign exchange reserve levels (includ-
ing access to foreign exchange reserves), and 
other leading macroeconomic indicators, and es-
timated timelines with respect to Iran’s macro-
economic viability, including Iran’s exhaustion 
of foreign exchange reserves. 
(b) FORM.—The report required under subsection (a) 
shall be submitted in unclassified form to the greatest ex-
tent possible, but may include a classified annex, if nec-
essary. 
(c) DEFINITIONS.—In this section: 
(1) NUCLEAR EXPLOSIVE DEVICE.—The term 
‘‘nuclear explosive device’’ means any device, wheth-
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er assembled or disassembled, that is designed to 
produce an instantaneous release of an amount of 
nuclear energy from special nuclear material that is 
greater than the amount of energy that would be re-
leased from the detonation of one pound of trinitro-
toluene (TNT). 
(2) BREAKOUT CAPACITY.—The term ‘‘break-
out capacity’’ means the point at which a country is 
able to produce enough weapon-grade uranium (or 
sufficient separated plutonium) for one or more nu-
clear explosive devices. 
(3) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Foreign Affairs, the 
Committee on Armed Services, the Committee 
on Financial Services, and the Permanent Se-
lect Committee on Intelligence of the House of 
Representatives; and 
(B) the Committee on Foreign Relations, 
the Committee on Armed Services, the Com-
mittee on Banking, Housing, and Urban Af-
fairs, the Committee on Finance, and the Select 
Committee on Intelligence of the Senate. 
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SEC. 302. NATIONAL STRATEGY ON IRAN. 
(a) NATIONAL STRATEGY REQUIRED.—The Presi-
dent shall develop a strategy, to be known as the ‘‘Na-
tional Strategy on Iran’’, that provides strategic guidance 
for activities that support the objective of addressing the 
threats posed by Iran. 
(b) ANNUAL REPORT.—Not later than January 30 
of each year, the President shall submit to the appropriate 
congressional committees the National Strategy on Iran 
required under subsection (a). 
(c) MATTERS TO BE INCLUDED.—The report re-
quired under subsection (b) shall include, at a minimum, 
the following: 
(1) A description Iran’s grand strategy and se-
curity strategy, including strategic objectives, and 
the security posture and objectives of Iran. 
(2) A description of the United States strategy 
to— 
(A) address and counter the capabilities of 
Iran’s conventional forces and Iran’s unconven-
tional forces; 
(B) disrupt and deny Iranian efforts to de-
velop or augment capabilities related to nuclear, 
unconventional, and missile forces development; 
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(C) address the Government of Iran’s eco-
nomic strategy to enable the objectives de-
scribed in this subsection; and 
(D) exploit key vulnerabilities. 
(3) An implementation plan for the United 
States strategy described in paragraph (2). 
(d) FORM.—The report required under subsection (b) 
shall be submitted in unclassified form to the greatest ex-
tent possible, but may include a classified annex, if nec-
essary. 
(e) APPROPRIATE CONGRESSIONAL COMMITTEES.— 
In this section, the term ‘‘appropriate congressional com-
mittees’’ means— 
(1) the Committee on Foreign Affairs, the 
Committee on Armed Services, the Committee on Fi-
nancial Services, the Committee on Ways and 
Means, and the Permanent Select Committee on In-
telligence of the House of Representatives; and 
(2) the Committee on Foreign Relations, the 
Committee on Armed Services, the Committee on 
Banking, Housing, and Urban Affairs, the Com-
mittee on Finance, and the Permanent Select Com-
mittee on Intelligence of the Senate. 
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SEC. 303. GOVERNMENT ACCOUNTABILITY OFFICE REPORT 
ON SANCTIONS ENFORCEMENT. 
(a) IN GENERAL.—Not later than 180 days after the 
date of the enactment of this Act, and annually thereafter, 
the Comptroller General of the United States shall submit 
to the appropriate congressional committees a report as-
sessing the extent to which the President is implementing 
section 5(a) and (b) of the Iran Sanctions Act of 1996 
(Public Law 104–172; 50 U.S.C. 1701 note), sections 104 
and 104A of the Comprehensive Iran Sanctions, Account-
ability, and Divestment Act of 2010 (22 U.S.C. 8513 and 
8513b) and title III of the Iran Threat Reduction and 
Syria Human Rights Act of 2012 (22 U.S.C. 8741 et 
seq.). 
(b) BASIS OF REPORT.—The report required under 
subsection (a) shall be based on publicly-available informa-
tion. 
(c) APPROPRIATE CONGRESSIONAL COMMITTEES.— 
In this section, the term ‘‘appropriate congressional com-
mittees’’ means— 
(1) the Committee on Foreign Affairs, the 
Committee on Financial Services, and the Com-
mittee on Ways and Means of the House of Rep-
resentatives; and 
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(2) the Committee on Foreign Relations, the 
Committee on Banking, Housing and Urban Affairs, 
and the Committee on Finance of the Senate. 
Æ 
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