SEC. 2. FINDINGS. 
Congress makes the following findings: 
(1) A nuclear-capable Iran poses a direct and 
existential threat to the United States, Israel, and 
allies around the world. 
(2) Iran is a leading state sponsor of terrorism, 
arming and funding terrorist groups around the 
world, including by providing material support for 
the terrorist organization Hamas in its relentless at-
tacks on Israel. 
(3) The Government of Iran has violated 
United Nations Security Council Resolutions 1696 
(2006), 1737 (2006), 1747 (2007), 1803 (2008), 
1835 (2008), and 1929 (2010), relating to Iran’s 
nuclear program. 
(4) The Government of Iran has received sig-
nificant economic benefits from the relaxation of 
economic sanctions pursuant the Joint Plan of Ac-
tion, signed November 24, 2013, by Iran and by 
France, Germany, the Russian Federation, the Peo-
ple’s Republic of China, the United Kingdom, and 
the United States (in this section referred to as the 
‘‘Joint Plan of Action’’), including increased eco-
nomic growth, reduced inflation, and a strengthened 
currency, while making no substantive reductions in 
its nuclear program. 
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(5) Any deal relating to Iran’s nuclear weapons 
program that does not completely dismantle the en-
tire nuclear weapons program would repeat the same 
mistakes observed with negotiations with North 
Korea, a totalitarian country that exported its nu-
clear technology to Syria and has shared similar nu-
clear and ballistic missile technology with Iran. 
(6) The Agreed Framework between the United 
States and the Democratic People’s Republic of 
Korea, signed in Geneva on October 21, 1994, which 
called for North Korea to freeze and dismantle its 
nuclear weapons program in exchange for eased 
sanctions and normalized relations with the United 
States, should serve as a reminder of previous failed 
negotiations resulting in billions of dollars made 
available for the development of nuclear weapons. 
(7) Economic sanctions imposed with respect to 
Iran are designed for the purpose of ending Iran’s 
pursuit of a nuclear weapons capability, not of initi-
ating negotiations. Therefore, any easing of sanc-
tions in pursuit of negotiations undermines the pur-
pose of the sanctions, as is demonstrated by the case 
of North Korea. 
(8) Secretary of State John Kerry has publicly 
confirmed that any agreement the United States 
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reaches with Iran will not be ‘‘legally binding’’. 
Therefore, neither President Barack Obama nor any 
future President will be legally obligated in any way 
to enforce or carry out the terms of the agreement 
unless it is ratified as a treaty by the Senate or ap-
proved in an Act of Congress. 
(9) If the United Nations Security Council 
passes a resolution to enforce the terms of any 
agreement with Iran, that resolution will have no 
force or effect under United States law absent ap-
proval by an Act of Congress. 
(10) In the absence of such approval, neither 
President Obama nor any future President will be 
obligated under the Constitution of the United 
States or the laws of the United States to enforce 
or carry out the terms of the Security Council reso-
lution. 
(11) The President will instead be required by 
the Constitution to enforce any Act of Congress, 
even if the Act is contrary to the terms of the Secu-
rity Council resolution. 
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SEC. 3. MODIFICATION AND ELIMINATION OF WAIVER AU-
THORITIES FOR CERTAIN SANCTIONS WITH 
RESPECT TO IRAN. 
(a) MODIFICATION OF WAIVER OF SANCTIONS RE-
LATING TO THE TRANSPORTATION OF CRUDE OIL FROM 
IRAN.— 
(1) IN
GENERAL.—Section 9(c)(1)(A) of the 
Iran Sanctions Act of 1996 (Public Law 104–172; 
50 U.S.C. 1701 note) is amended by inserting 
‘‘(other than the requirement in paragraph (7) of 
such section)’’ after ‘‘section 5(a)’’. 
(2) TERMINATION OF WAIVERS.—Any waiver of 
the requirement in section 5(a)(7) of the Iran Sanc-
tions Act of 1996 (Public Law 104–172; 50 U.S.C. 
1701 note) exercised by the President under section 
9(c)(1)(A) of such Act, as in effect on the day before 
the date of the enactment of this Act, shall cease to 
be in effect on and after such date of enactment. 
(b) ELIMINATION OF WAIVER WITH RESPECT TO 
MANDATORY SANCTIONS WITH RESPECT TO FINANCIAL 
INSTITUTIONS
THAT
ENGAGE
IN
CERTAIN
TRANS-
ACTIONS.— 
(1) IN
GENERAL.—Section 104 of the Com-
prehensive Iran Sanctions, Accountability, and Di-
vestment Act of 2010 (22 U.S.C. 8513) is amend-
ed— 
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(A) by striking subsection (f); and 
(B) 
by 
redesignating 
subsections 
(g) 
through (i) as subsections (f) through (h), re-
spectively. 
(2) TERMINATION OF WAIVERS.—Any waiver of 
the imposition of sanctions exercised by the Presi-
dent under section 104(f) of the Comprehensive Iran 
Sanctions, Accountability, and Divestment Act of 
2010 (22 U.S.C. 8513(f)), as in effect on the day 
before the date of the enactment of this Act, shall 
cease to be in effect on and after such date of enact-
ment. 
(3) CONFORMING AMENDMENTS.— 
(A) SANCTIONS WITH RESPECT TO FINAN-
CIAL SECTOR OF IRAN.—Section 1245(h) of the 
National Defense Authorization Act for Fiscal 
Year 2012 (22 U.S.C. 8513a(h)) is amended by 
striking ‘‘section 104(i) of the Comprehensive 
Iran Sanctions, Accountability, and Divestment 
Act of 2010 (22 U.S.C. 8513(i))’’ and inserting 
‘‘section 104 of the Comprehensive Iran Sanc-
tions, Accountability, and Divestment Act of 
2010 (22 U.S.C. 8513)’’. 
(B) EXPANSION
OF
MANDATORY
SANC-
TIONS WITH RESPECT TO CERTAIN FINANCIAL 
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INSTITUTIONS.—Section 
104A(d)(2) 
of 
the 
Comprehensive Iran Sanctions, Accountability, 
and Divestment Act of 2010 (22 U.S.C. 
8513b(d)(2)) is amended by striking ‘‘section 
104(i)’’ and inserting ‘‘section 104’’. 
(C) DEFINITIONS FOR IRAN FREEDOM AND 
COUNTER-PROLIFERATION
ACT
OF
2012.—Sec-
tion 1242(a)(5) of the Iran Freedom and 
Counter-Proliferation Act of 2012 (22 U.S.C. 
8801(a)(5)) is amended by striking ‘‘section 
104(i) of the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (22 
U.S.C. 8513(i))’’ and inserting ‘‘section 104 of 
the Comprehensive Iran Sanctions, Account-
ability, and Divestment Act of 2010 (22 U.S.C. 
8513)’’. 
(c) ELIMINATION OF WAIVER OF SANCTIONS WITH 
RESPECT TO THE FINANCIAL SECTOR OF IRAN.— 
(1) IN GENERAL.—Section 1245(d) of the Na-
tional Defense Authorization Act for Fiscal Year 
2012 (22 U.S.C. 8513a(d)) is amended by striking 
paragraph (5). 
(2) TERMINATION
OF
WAIVERS.—Any waiver 
exercised by the President under section 1245(d)(5) 
of the National Defense Authorization Act for Fiscal 
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Year 2012 (22 U.S.C. 8513a(d)(5)), as in effect on 
the day before the date of the enactment of this Act, 
shall cease to be in effect on and after such date of 
enactment. 
(d) ELIMINATION OF WAIVER OF SANCTIONS WITH 
RESPECT
TO PERSONS THAT SUPPORT
OR CONDUCT 
CERTAIN TRANSACTIONS WITH IRAN’S REVOLUTIONARY 
GUARD CORPS OR OTHER SANCTIONED PERSONS.— 
(1) IN
GENERAL.—Section 302 of the Iran 
Threat Reduction and Syria Human Rights Act of 
2012 (22 U.S.C. 8742) is amended by— 
(A) striking subsections (d) and (e); and 
(B) redesignating subsection (f) as sub-
section (d). 
(2) TERMINATION
OF
WAIVERS.—Any waiver 
exercised by the President under subsection (d) or 
(e) of section 302 of the Iran Threat Reduction and 
Syria Human Rights Act of 2012 (22 U.S.C. 8742), 
as in effect on the day before the date of the enact-
ment of this Act, shall cease to be in effect on and 
after such date of enactment. 
(e) ELIMINATION OF WAIVER OF SANCTIONS WITH 
RESPECT
TO
THE
ENERGY, SHIPPING, 
AND
SHIP-
BUILDING SECTORS OF IRAN.— 
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(2) TERMINATION OF WAIVERS.—Any waiver of 
the imposition of sanctions under subsection section 
1247(f) of the Iran Freedom and Counter-Prolifera-
tion Act of 2012 (22 U.S.C. 8806(f)), as in effect 
on the day before the date of the enactment of this 
Act, shall cease to be in effect on and after such 
date of enactment. 
(i) TECHNICAL AMENDMENT.—Section 1253(c) of 
the Iran Freedom and Counter-Proliferation Act of 2012 
(22 U.S.C. 8809(c)) is amended, in the matter preceding 
paragraph (1), by striking ‘‘, and, as appropriate, instead 
of sections 1244(i), 1245(g), and 1246(e) of this Act’’. 
SEC. 4. SANCTIONS WITH RESPECT TO PURCHASE, ACQUI-
SITION, SALE, TRANSPORT, OR MARKETING 
OF PETROLEUM, PETROLEUM PRODUCTS, OR 
PETROCHEMICAL PRODUCTS FROM IRAN. 
(a) IN GENERAL.—Subtitle B of title II of the Iran 
Threat Reduction and Syria Human Rights Act of 2012 
(22 U.S.C. 8721 et seq.) is amended— 
(1) by redesignating sections 222, 223, and 224 
as sections 225, 226, and 227, respectively; and 
(2) by inserting after section 221 the following: 
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‘‘SEC. 222. IMPOSITION OF SANCTIONS WITH RESPECT TO 
PURCHASE, ACQUISITION, SALE, TRANSPORT, 
OR MARKETING OF PETROLEUM, PETRO-
LEUM 
PRODUCTS, 
AND 
PETROCHEMICAL 
PRODUCTS FROM IRAN. 
‘‘(a) LIMITATIONS ON CORRESPONDENT AND PAY-
ABLE-THROUGH ACCOUNTS.—The President shall pro-
hibit the opening, and prohibit or impose strict conditions 
on the maintaining, in the United States of a cor-
respondent account or a payable-through account by a for-
eign financial institution that the President determines 
has knowingly conducted or facilitated any significant fi-
nancial transaction, on or after July 31, 2012— 
‘‘(1) for the purchase, acquisition, sale, trans-
port, or marketing of petroleum or petroleum prod-
ucts from Iran; or 
‘‘(2) for the purchase, acquisition, sale, trans-
port, or marketing of petrochemical products from 
Iran. 
‘‘(b) APPLICATION OF SANCTIONS FROM IRAN SANC-
TIONS ACT OF 1996.—The President shall impose on a 
person one or more of the sanctions described in section 
6(a) of the Iran Sanctions Act of 1996 (Public Law 104– 
172; 50 U.S.C. 1701 note) upon determining that the per-
son knowingly, on or after July 31, 2012, engaged in a 
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significant transaction for the purchase, acquisition, sale, 
transport, or marketing of— 
‘‘(1) petroleum or petroleum products from 
Iran; or 
‘‘(2) petrochemical products from Iran. 
‘‘(c) APPLICABILITY.—Subsections (a)(1) and (b)(1) 
shall apply with respect to a person only if— 
‘‘(1) the President determines under subpara-
graphs (B) and (C) of paragraph (4) of section 
1245(d) of the National Defense Authorization Act 
for Fiscal Year 2012 (22 U.S.C. 8513a(d)) that 
there is a sufficient supply of petroleum and petro-
leum products from countries other than Iran to 
permit a significant reduction in the volume of pe-
troleum and petroleum products purchased from 
Iran by or through foreign financial institutions; and 
‘‘(2) an exception under subparagraph (D) of 
that paragraph from the imposition of sanctions 
under paragraph (1) of that section does not apply 
with respect to the country with primary jurisdiction 
over the person. 
‘‘(d) DEFINITIONS.—In this section: 
‘‘(1) ACCOUNT; 
CORRESPONDENT
ACCOUNT; 
PAYABLE-THROUGH
ACCOUNT.—The 
terms 
‘ac-
count’, 
‘correspondent 
account’, 
and 
‘payable- 
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through account’ have the meanings given those 
terms in section 5318A of title 31, United States 
Code. 
‘‘(2) FINANCIAL INSTITUTION.—The term ‘fi-
nancial institution’ means a financial institution 
specified in subparagraph (A), (B), (C), (D), (E), 
(F), (G), (H), (I), (J), (M), or (Y) of section 
5312(a)(2) of title 31, United States Code. 
‘‘(3) FOREIGN FINANCIAL INSTITUTION.—The 
term ‘foreign financial institution’ has the meaning 
of that term as determined by the Secretary of the 
Treasury pursuant to section 104 of the Comprehen-
sive Iran Sanctions, Accountability, and Divestment 
Act of 2010 (22 U.S.C. 8513). 
‘‘(4) 
PETROLEUM.—The 
term 
‘petroleum’ 
means a mixture of hydrocarbons that exists in liq-
uid phase in natural underground reservoirs and re-
mains liquid at atmospheric pressure after passing 
through surface separating facilities. 
‘‘(5) PETROLEUM PRODUCTS.— 
‘‘(A) IN GENERAL.—The term ‘petroleum 
products’ includes unfinished oils, liquefied pe-
troleum gases, pentanes plus, aviation gasoline, 
motor gasoline, naphtha-type jet fuel, kerosene- 
type jet fuel, kerosene, distillate fuel oil, resid-
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ual fuel oil, petrochemical feedstocks, special 
naphthas, lubricants, waxes, petroleum coke, as-
phalt, road oil, still gas, and miscellaneous 
products obtained from the processing of crude 
oil (including lease condensate), natural gas, 
and other hydrocarbon compounds. 
‘‘(B) EXCEPTION.—The term ‘petroleum 
products’ does not include natural gas, liquefied 
natural gas, biofuels, methanol, and other non- 
petroleum fuels. 
‘‘(6) PETROCHEMICAL
PRODUCTS.—The term 
‘petrochemical products’ includes any aromatic, 
olefin, and synthesis gas, and any of derivatives of 
such a gas, including ethylene, propylene, butadiene, 
benzene, toluene, xylene, ammonia, methanol, and 
urea. 
‘‘SEC. 223. IMPOSITION OF SANCTIONS WITH RESPECT TO 
SUPPORT FOR THE NATIONAL IRANIAN OIL 
COMPANY, THE NAFTIRAN INTERTRADE COM-
PANY, OR THE CENTRAL BANK OF IRAN. 
‘‘The President shall block and prohibit all trans-
actions in property and interests in property of a person 
the President determines has, on or after July 31, 2012, 
materially assisted, sponsored, or provided financial, mate-
rial, or technological support for, or goods or services in 
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