Short title

This Act may be cited as the

Negating Opportunities for Oil Income Leveraged for Terrorists Act

or the

NO OIL for Terrorists Act

Findings

Congress finds the following: (1)The Islamic Republic of Iran continues to engage in serious violations of its international obligations. (2)The Government of Iran provides funding, material support, and resources to terrorist organizations, including Hamas, which conducts terrorist attacks against Israel. (3)The actions of the Government of Iran pose an ongoing threat to the national security of the United States, our allies, and international stability. (4)The reimposition of sanctions is a necessary and appropriate measure to counter Iran’s destabilizing activities and encourage Iran’s compliance with international obligations.

Reimposition of sanctions

(a)

Oil export sanctions

The President shall use all powers granted to the President under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to block all property and interests in property within the United States, or within the possession or control of any United States person, of any foreign person determined to have knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum, petroleum products, or petrochemical products from Iran. (b)

Penalties

The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) shall apply to violations of the regulations prescribed under subsection (a) to the same extent as such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act. (c)

Exceptions

(1)

Waiver

The President may grant waivers on a case-by-case basis to a foreign person if the President— (A)determines that— (i)the country of which the foreign person is a national or under the laws of which the foreign person is organized has significantly reduced its volume of crude oil purchases from Iran; and (ii)the waiver is critical to the national security interests of the United States; and (B)submits written notification to the Speaker and the Minority Leader of the House of Representatives, as well as the Majority and Minority Leaders of the Senate, of the intent to issue such a waiver. (2)

Humanitarian needs

The requirement to impose sanctions under this section shall not apply to transactions for or incidental to the sale of agricultural commodities, food, medicine, or medical devices to Iran.

Sanctions on financial institutions

(a)

Finding

The Government of Iran uses its banking sector to facilitate Iran’s nuclear programs, its support for terrorism, and its malign regional influence. (b)

Imposition of sanctions

(1)The President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by any foreign financial institution that knowingly conducts or facilitates any significant financial transaction with the Central Bank of Iran or any other Iranian financial institution included in the List of Specially Designated Nationals and Blocked Persons maintained by the Office of Foreign Assets Control of the Department of the Treasury pursuant to the imposition of sanctions relating to Iran’s proliferation of weapons of mass destruction or Iran’s support for international terrorism. (2)

Waiver

The President may, on a case-by-case basis, waive the sanctions required by paragraph (1) with respect to transactions the President determines are necessary to the national security interests of the United States.

Reporting requirement

The President shall submit to the appropriate congressional committees not later than 60 days after the date of the enactment of this Act, and every 180 days thereafter, a report that includes each of the following: (1)The progress of the Government of Iran in complying with international nuclear obligations. (2)The status of Iran’s support for international terrorism, including its financing and support of Hamas and other terrorist organizations. (3)Measures taken to impose and enforce the sanctions required by this Act.

Sunset clause

This Act shall cease to have effect on date on which the President certifies to Congress that Iran has ceased to finance international terrorism.

Definitions

In this Act— (1)

Appropriate congressional committees

The term appropriate congressional committees means— (A)the Committee on Foreign Affairs, the Committee on Financial Services, the Committee on Ways and Means, and the Permanent Select Committee on Intelligence of the House of Representatives; and (B)the Committee on Foreign Relations, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, and the Select Committee on Intelligence of the Senate. (2)

Foreign financial institution

The term foreign financial institution has the meaning given that term in section 561.308 of title 31, Code of Federal Regulations. (3)

Foreign person

The term foreign person means a person who is not a United States person. (4)

United States person

The term United States person means— (A)a citizen or national of the United States or an alien lawfully admitted for permanent residence to the United States; or (B)an entity organized under the laws of the United States or any jurisdiction within the United States including a foreign branch of such an entity.