Iran: Summary of the New US Sanctions

The US State Department has issued a summary noting that President Obama has "welcomed new penalties approved by the U.S. Congress" against Iran --- in other words, he will sign the bill into law --- and outlining the provisions:

• The legislation approved by Congress requires U.S. banks to prohibit or impose strict conditions on “correspondent” or payable through accounts of any foreign banks working with certain Iranian entities, especially Iran’s Islamic Revolutionary Guard Corps.

Iran Document & Analysis: US Gov’t Statement on Sanctions, Nukes, & Human Rights
The Latest from Iran (26 June): Absolute Security?

• Penalties would be imposed on U.S. banks if their foreign subsidiaries are doing business with the Revolutionary Guard Corps or any of its companies or affiliates.

• The legislation sanctions any company worldwide that exports gasoline or other refined petroleum products to Iran, or that provides Iran with goods or services that help it expand its own production of petroleum products. And any companies that finance, broker or underwrite the shipments, or deliver the gasoline or sell the production technology, also would be subject to U.S. sanctions.

• The legislation gives the president a number of choices of possible sanctions to impose that include restrictions on foreign exchange, banking transactions and property transactions.

• It also grants the president authority to waive sanctions on a company for 12 months on a case-by-case basis.

• The legislation also requires the president to compile a public list of individuals in Iran who are complicit in human rights violations — and would ban them from receiving U.S. visas and would freeze their financial assets held in U.S. banks.

• Any company that provides Iran with technology or equipment that would restrict free speech could not receive U.S. government contracts.

• Finally, the legislation imposes export controls to stop the illegal export of sensitive technology to Iran through other countries and would allow the president to impose severe export restrictions to countries that will not cooperate.