§8512 Economic sanctions relating to Iran

Summary

Starting 90 days after July 1, 2010, the law bans bringing goods or services from Iran into the United States and mostly stops U.S. people and companies from sending U.S.-origin goods, services, or technology to Iran. The same exceptions that exist under section 203(b) of the International Emergency Economic Powers Act also apply. Allowed exports include agricultural goods, food, medicine, medical devices, humanitarian aid, internet communication services and the software or hardware needed for them, items needed for safe operation of U.S.-made commercial aircraft if approved by the Treasury (with input from Commerce), things given to the International Atomic Energy Agency or to groups working to promote democracy in Iran, and any other export the President decides is in the U.S. national interest. The President must freeze the money and property of people in Iran who meet the criteria for sanctions under the emergency powers law, including funds they transfer to family or associates after the freeze. U.S. financial institutions must report such holdings to the Office of Foreign Assets Control. The President must tell the relevant congressional committees within 14 days after freezing assets (a classified annex can be included). Frozen assets must be released if the person no longer meets the sanction criteria. Violating these rules brings the same penalties that apply under section 206 of the emergency powers law. The President must write rules to carry out the law and may create limited exceptions, but no exception for commercial import of certain Iranian-origin goods listed in 31 C.F.R. 560.534(a) can be made unless the President creates a new rule on or after July 1, 2010 and sends Congress a written certification that the exception is in the national interest plus a report explaining why. Defined term: "United States financial institution" means a financial institution that is a U.S. person under the Iran Sanctions Act.