This bill imposes sanctions on certain foreign persons (individuals and entities) that are involved in Iran's petroleum sector as well as certain associated persons. The bill also requires or authorizes actions to facilitate the enforcement of sanctions on Iran.

Specifically, the bill requires the President to impose visa- and property-blocking sanctions on any foreign person that, after the bill's enactment, knowingly engages in any transaction related to the processing, export, or sale of oil, condensates, gas, liquefied natural gas, or other petrochemical products in whole or in part from Iran. The President must also impose sanctions on certain foreign persons associated with a sanctioned individual or entity. For example, the President must sanction the subsidiaries and corporate officers of a sanctioned business.

The bill provides certain exceptions to these sanctions, including specifying that sanctions do not apply to the importation of goods or to conducting or facilitating transactions for humanitarian assistance.

The Department of State must establish an interagency working group that shall seek to establish a multilateral contact group to coordinate international efforts to enforce sanctions on Iran.

The bill expands the State Department rewards program to authorize a reward payment to any individual who furnishes information leading to the identification of a person (1) subject to sanctions under this bill, or (2) that has attempted or is attempting to evade sanctions under this bill.