§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

The President must freeze and block any property in the United States and stop transactions for 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 President can do this under Executive Order No. 13382, Executive Order No. 13224, or the International Emergency Economic Powers Act. Covered people include the person who provided the ship or service; any successor company; owners or controllers who knew or should have known about the conduct; and related companies owned, controlling, or under common control if they knowingly took part. The President can waive these sanctions if he decides it is vital to U.S. national security and sends Congress a report explaining why, with the waiver effective 30 days after that action. The Secretary of the Treasury, with the Secretary of State, must send Congress a report identifying vessel operators and others who make major payments to people who run certain Iranian ports no later than 90 days after August 10, 2012 and every 90 days after that. Reports should be unclassified but may include a classified annex. This law does not limit the President’s other sanction powers under the named executive orders or the International Emergency Economic Powers Act.