I 112th CONGRESS 2d Session H. R. 3843 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.

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. .