§8721 Imposition of sanctions with respect to the provision of vessels or shipping services to transport certain goods related to proliferation or terrorism activities to Iran

Summary

Requires the President to freeze and block the property and stop transactions of people who, on or after August 10, 2012, knowingly sell, lease, or provide a ship, or provide insurance, reinsurance, or other shipping services, to move goods to or from Iran that could help Iran spread weapons of mass destruction or support terrorism. The people targeted include the person who did the sale or service, successor companies, owners or parents who knew or should have known about it, and related companies that knowingly took part. The freeze applies if the property is in the United States, comes into the United States, or is owned or controlled by a U.S. person. The President can waive these sanctions after 30 days if the waiver is vital to U.S. national security and a report explaining why is sent to Congress. The Secretary of the Treasury, with the Secretary of State, must report to Congress within 90 days after August 10, 2012, and every 90 days after that, naming vessel operators and others who do major financial business with managers of certain Iranian ports. Reports should be unclassified but may include a classified annex. Nothing here limits other presidential sanction powers under the cited executive orders or emergency authorities.