§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 law requires the President to freeze U.S. assets and bar U.S. transactions with anyone who, on or after August 10, 2012, knowingly sells or leases a ship, or provides 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. It covers the person who did the sale or service and related entities, such as successor companies, owners or controllers with actual or constructive knowledge, and affiliates that knowingly took part. The President can waive these sanctions after 30 days if the waiver is vital to U.S. national security and he sends Congress a report explaining why. 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 that do significant financial business with managers of Iranian ports already sanctioned under the International Emergency Economic Powers Act. Those reports must be unclassified but may include a classified annex. The law does not limit the President’s authority to use Executive Orders 13382 or 13224 or IEEPA to impose sanctions.