[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3843 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 3843

    To amend the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 to provide for the imposition of sanctions with 
 respect to the National Iranian Oil Company and the National Iranian 
                            Tanker Company.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 31, 2012

  Mr. Berman introduced the following bill; which was referred to the 
   Committee on Foreign Affairs, and in addition to the Committee on 
 Financial Services, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
    To amend the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 to provide for the imposition of sanctions with 
 respect to the National Iranian Oil Company and the National Iranian 
                            Tanker Company.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AMENDMENT TO COMPREHENSIVE IRAN SANCTIONS, ACCOUNTABILITY, 
              AND DIVESTMENT ACT.

    Section 104(c) of the Comprehensive Iran Sanctions, Accountability, 
and Divestment Act of 2010 (22 U.S.C. 8501 et seq.) is amended by 
adding at the end the following new paragraph:
            ``(4) Determinations regarding nioc and nitc.--
                    ``(A) Determinations.--For purposes of paragraph 
                (2)(E)(i), the Secretary of the Treasury shall, not 
                later than 60 days after the date of the enactment of 
                this paragraph--
                            ``(i) determine whether the NIOC or the 
                        NITC is an agent or affiliate of Iran's Islamic 
                        Revolutionary Guard Corps; and
                            ``(ii) submit to the appropriate 
                        congressional committees the determinations 
                        made under clause (i), together with the 
                        reasons for those determinations.
                    ``(B) Form of report.--A report submitted under 
                subparagraph (A)(ii) shall be submitted in unclassified 
                form but may contain a classified annex.
                    ``(C) Applicability with respect to petroleum 
                transactions.--
                            ``(i) Application of sanctions.--Except as 
                        provided in clause (ii), the regulations 
                        prescribed under paragraph (1) shall apply to a 
                        transaction for the purchase of petroleum or 
                        petroleum products from, or to financial 
                        services relating to such a transaction for, 
                        NIOC or NITC on or after the date that is 180 
                        days after the date of the enactment of the 
                        National Defense Authorization Act for Fiscal 
                        Year 2012 (Public Law 112-81) only if the 
                        President has determined, pursuant to section 
                        1245(d)(4)(B) of that Act, that there is a 
                        sufficient supply of petroleum and petroleum 
                        products produced in countries other than Iran 
                        to permit purchasers of petroleum and petroleum 
                        products from Iran to reduce significantly in 
                        volume their purchases from Iran.
                            ``(ii) Exception for certain countries.--
                        The regulations prescribed under paragraph (1) 
                        shall not apply to a foreign financial 
                        institution that facilitates a significant 
                        transaction or transactions for the purchase of 
                        petroleum or petroleum products from, or that 
                        provides significant financial services 
                        relating to such a transaction for, NIOC or 
                        NITC 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 section 1245(d)(4)(B) of the 
                        National Defense Authorization Act for Fiscal 
                        Year 2012, and every 180 days thereafter, that 
                        the country with primary jurisdiction over the 
                        foreign financial institution has significantly 
                        reduced 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 clause.
                    ``(D) Definitions.--In this paragraph:
                            ``(i) NIOC.--The term `NIOC' means the 
                        National Iranian Oil Company.
                            ``(ii) NITC.--The term `NITC' means the 
                        National Iranian Tanker Company.
                            ``(iii) Agent.--The term `agent' includes 
                        an entity established by person for purposes of 
                        conducting transactions on behalf of the person 
                        in order to conceal the identity of the 
                        person.''.
                                 <all>