§8722 Imposition of sanctions with respect to provision of underwriting services or insurance or reinsurance for the National Iranian Oil Company or the National Iranian Tanker Company

Summary

The President must put at least five penalties from section 6(a) of the Iran Sanctions Act of 1996 (as changed by section 204) on anyone who, on or after August 10, 2012, knowingly provides underwriting, insurance, or reinsurance for the National Iranian Oil Company, the National Iranian Tanker Company, or their successors. The President has 60 days after August 10, 2012, to do this. The President can choose not to impose the penalties if a person shows they used proper policies and checks to avoid doing that work, or if the work was only for agricultural goods, food, medicine, medical devices, or humanitarian aid. The President can also accept reliable promises to stop such work by 120 days after August 10, 2012. Short definitions: agricultural commodity (see 7 U.S.C. 5602), medical device (see 21 U.S.C. 321), medicine/drug (see 21 U.S.C. 321). Other parts of the Iran Sanctions Act (including parts of sections 4, 5, 8, 9, 11, 12, 13(b), and 14) apply the same way. This does not limit the President’s power to use other U.S. laws to impose sanctions (including the Iran Sanctions Act, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the International Emergency Economic Powers Act, section 8513a, or other parts of this Act).