Source: https://www.law.cornell.edu/uscode/text/22/8513a?qt-us_code_tabs=3
Timestamp: 2015-05-22 09:12:30
Document Index: 474273259

Matched Legal Cases: ['§ 8513', '§ 1245', '§ 503', '§ 1250', '§ 1701', '§ 503', '§ 504', '§ 503', '§ 504', '§ 504', '§ 504', '§ 504', '§ 503', '§ 503', '§ 504']

22 U.S. Code § 8513a - Imposition of sanctions with respect to the financial sector of Iran | LII / Legal Information Institute
Designation of financial sector of Iran as of primary money laundering concern The financial sector of Iran, including the Central Bank of Iran, is designated as a primary money laundering concern for purposes of section 5318A of title 31 because of the threat to government and financial institutions resulting from the illicit activities of the Government of Iran, including its pursuit of nuclear weapons, support for international terrorism, and efforts to deceive responsible financial institutions and evade sanctions.
Freezing of assets of Iranian financial institutions The President shall, pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), block and prohibit all transactions in all property and interests in property of an Iranian financial institution 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.
Imposition of sanctions with respect to the Central Bank of Iran and other Iranian financial institutions (1)
In general Except as specifically provided in this subsection, beginning on the date that is 60 days after December 31, 2011, the President—
Exception for sales of agricultural commodities, food, medicine, and medical devices The President may not impose sanctions under paragraph (1) with respect to any person for conducting or facilitating a transaction for the sale of agricultural commodities, food, medicine, or medical devices to Iran.
Applicability of sanctions with respect to foreign central banks Except as provided in paragraph (4), sanctions imposed under paragraph (1)(A) shall apply with respect to a central bank of a foreign country, only insofar as it engages in a financial transaction for the sale or purchase of petroleum or petroleum products to or from Iran conducted or facilitated on or after that date that is 180 days after December 31, 2011.
Applicability of sanctions with respect to petroleum transactions (A)
Report required Not later than October 25, 2012, and the last Thursday of every other month thereafter, the Administrator of the Energy Information Administration, in consultation with the Secretary of the Treasury, the Secretary of State, and the Director of National Intelligence, shall submit to Congress a report on the availability and price of petroleum and petroleum products produced in countries other than Iran in the 2-month period preceding the submission of the report.
Determination required Not later than 90 days after December 31, 2011, and every 180 days thereafter, the President shall make a determination, based on the reports required by subparagraph (A), of whether the price and supply of petroleum and petroleum products produced in countries other than Iran is sufficient to permit purchasers of petroleum and petroleum products from Iran to reduce significantly in volume their purchases from Iran.
Application of sanctions Except as provided in subparagraph (D), sanctions imposed under paragraph (1)(A) shall apply with respect to a financial transaction conducted or facilitated by a foreign financial institution on or after the date that is 180 days after December 31, 2011, for the purchase of petroleum or petroleum products from Iran if the President determines pursuant to subparagraph (B) that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions.
Sanctions imposed pursuant to paragraph (1) shall not apply with respect to a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution if the President determines and reports to Congress, not later than 90 days after the date on which the President makes the determination required by subparagraph (B), and every 180 days thereafter, that the country with primary jurisdiction over the foreign financial institution—
has significantly reduced reduced [1]
its volume of crude oil purchases from Iran during the period beginning on the date on which the President submitted the last report with respect to the country under this subparagraph; or
Waiver The President may waive the imposition of sanctions under paragraph (1) for a period of not more than 120 days, and may renew that waiver for additional periods of not more than 120 days, if the President—
submits to Congress a report—
Multilateral diplomacy initiative (1)
carry out an initiative of multilateral diplomacy to persuade countries purchasing oil from Iran—
to prohibit purchases by Iran of—
military or dual-use technology, including items—
Report required Not later than 180 days after December 31, 2011, and every 180 days thereafter, the President shall submit to Congress a report on the efforts of the President to carry out the initiative described in paragraph (1)(A) and conduct the outreach described in paragraph (1)(B) and the results of those efforts.
Form of reports Each report submitted under this section shall be submitted in unclassified form, but may contain a classified annex.
Implementation; penalties (1)
Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section.
Account; correspondent account; payable-through account The terms “account”, “correspondent account”, and “payable-through account” have the meanings given those terms in section 5318A of title 31.
Significant reductions The terms “reduce significantly”, “significant reduction”, and “significantly reduced”, with respect to purchases from Iran of petroleum and petroleum products, include a reduction in such purchases in terms of price or volume toward a complete cessation of such purchases.
(a) of title 8); and
Termination The provisions of this section shall terminate on the date that is 30 days after the date on which the President submits to Congress the certification described in section 8551
(Pub. L. 112–81, div. A, title XII, § 1245,Dec. 31, 2011, 125 Stat. 1647; Pub. L. 112–158, title V, §§ 503(a)(1), (b)(1), 504
(a),Aug. 10, 2012, 126 Stat. 1260, 1261; Pub. L. 112–239, div. A, title XII, § 1250,Jan. 2, 2013, 126 Stat. 2016.)
The International Emergency Economic Powers Act, referred to in subsecs. (c) and (d)(1), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables.
2013—Subsec. (d)(5)(B)(ii), (iii). Pub. L. 112–239added cl. (ii) and redesignated former cl. (ii) as (iii).
2012—Subsec. (d)(2). Pub. L. 112–158, § 503(a)(1), inserted “agricultural commodities,” after “sales of” in heading and after “sale of” in text.
Subsec. (d)(3). Pub. L. 112–158, § 504(a)(1)(A), struck out “a foreign financial institution owned or controlled by the government of a foreign country, including” after “with respect to”.
Subsec. (d)(4)(A). Pub. L. 112–158, § 503(b)(1), substituted “October 25, 2012, and the last Thursday of every other month thereafter” for “60 days after December 31, 2011, and every 60 days thereafter” and “2-month period” for “60-day period”.
Subsec. (d)(4)(D)(i). Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), designated existing provisions as cl. (i) and inserted cl. heading, substituted “a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution” for “a foreign financial institution” and “institution—” for “institution has significantly”, inserted subcl. (I) designation and “has significantly reduced” before “reduced its volume”, and added subcl. (II).
Subsec. (d)(4)(D)(ii). Pub. L. 112–158, § 504(a)(1)(B)(iii), added cl. (ii).
Subsec. (h)(3), (4). Pub. L. 112–158, § 504(a)(2), added par. (3) and redesignated former par. (3) as (4).
Subsec. (i). Pub. L. 112–158, § 504(a)(3), added subsec. (i).
Pub. L. 112–158, title V, § 503(a)(2),Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).”
Pub. L. 112–158, title V, § 503(b)(2),Aug. 10, 2012, 126 Stat. 1261, provided that: “The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.”
Pub. L. 112–158, title V, § 504(b),Aug. 10, 2012, 126 Stat. 1262, provided that: “The amendments made by paragraphs (1) and (2) of subsection (a) [amending this section] shall apply with respect to financial transactions conducted or facilitated on or after the date that is 180 days after the date of the enactment of this Act [Aug. 10, 2012].”