SECTION 1. IMPOSITION OF SANCTIONS ON FOREIGN FI-
NANCIAL 
INSTITUTIONS 
THAT 
CONDUCT 
TRANSACTIONS WITH THE CENTRAL BANK OF 
IRAN. 
Section 104 of the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (22 U.S.C. 
8513) is amended— 
(1) by redesignating subsections (h) and (i) as 
subsections (i) and (j), respectively; and 
(2) by inserting after subsection (g) the fol-
lowing new subsection: 
‘‘(h) IMPOSITION OF SANCTIONS ON FOREIGN FI-
NANCIAL INSTITUTIONS THAT CONDUCT TRANSACTIONS 
WITH THE CENTRAL BANK OF IRAN.— 
‘‘(1) IN GENERAL.—Subject to paragraphs (2), 
(3), and (4), not later than 30 days after the date 
of the enactment of this subsection, the President 
shall— 
‘‘(A) prohibit the opening or maintaining 
in the United States of a correspondent account 
or a payable-through account by a foreign fi-
nancial institution that the President deter-
mines has knowingly conducted any financial 
transaction with the Central Bank of Iran; and 
‘‘(B) freeze and prohibit all transactions in 
all property and interests in property of each 
VerDate Mar 15 2010 
22:38 Nov 22, 2011
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H3508.IH
H3508
mstockstill on DSK4VPTVN1PROD with BILLS
such foreign financial institution if such prop-
erty 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. 
‘‘(2) EXCEPTION FOR SALES OF FOOD, MEDI-
CINE, AND MEDICAL DEVICES.—The President may 
not impose sanctions under paragraph (1) on a for-
eign financial institution for engaging in a trans-
action with the Central Bank of Iran for the sale of 
food, medicine, or medical devices to Iran. 
‘‘(3) APPLICABILITY.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), paragraph (1) applies with 
respect to financial transactions commenced on 
or after the date of the enactment of this sub-
section. 
‘‘(B) PETROLEUM TRANSACTIONS.—Para-
graph (1) applies with respect to financial 
transactions for the purchase of petroleum or 
petroleum products through the Central Bank 
of Iran commenced on or after the date that is 
180 days after the date of the enactment of this 
subsection. 
‘‘(4) WAIVER.— 
VerDate Mar 15 2010 
22:38 Nov 22, 2011
Jkt 019200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3508.IH
H3508
mstockstill on DSK4VPTVN1PROD with BILLS
‘‘(A) IN
GENERAL.—The President may 
waive the application of paragraph (1) with re-
spect to a foreign financial institution for a pe-
riod of not more than 60 days, and may renew 
that waiver for additional periods of not more 
than 60 days, if the President determines and 
reports to the appropriate congressional com-
mittees every 60 days that the waiver is nec-
essary to the national security interest of the 
United States. 
‘‘(B) FORM.—A report submitted pursuant 
to subparagraph (A) shall be submitted in un-
classified form, but may contain a classified 
annex. 
‘‘(5) FOREIGN
FINANCIAL
INSTITUTION.—For 
purposes of this subsection, the term ‘foreign finan-
cial institution’ includes a financial institution owned 
or controlled by a foreign government.’’. 
Æ 
VerDate Mar 15 2010 
22:38 Nov 22, 2011
Jkt 019200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6301
E:\BILLS\H3508.IH
H3508
mstockstill on DSK4VPTVN1PROD with BILLS