§8804 Imposition of Sanctions with Respect to the Sale, Supply, or Transfer of Certain Materials to or From Iran

Summary

The President must apply at least five listed sanctions to anyone who knowingly, on or after the date that is 180 days after January 2, 2013, sells, supplies, or transfers, directly or indirectly, certain materials to or from Iran. Covered items include precious metals; graphite, coal, and raw or semi-finished metals like aluminum and steel; and software that integrates industrial processes. Other similar materials are covered when they are used in Iran’s energy, shipping, or shipbuilding sectors; in any sector found to be controlled by Iran’s Revolutionary Guard Corps; sold to people on the U.S. specially designated nationals and blocked persons list (except certain Iranian banks that have not been sanctioned for WMD proliferation, terrorism, or human rights abuses); or used in Iran’s nuclear, military, or ballistic missile programs, or when they are resold to those end users. Sanctions tied only to importing goods do not count toward the five-sanction requirement. The President must also stop or tightly limit U.S. correspondent or payable-through accounts for foreign banks that knowingly handle big financial transactions for these Iran-related sales. Every 180 days starting not later than 180 days after January 2, 2013, the President must report to Congress and publish determinations about Iran’s use of these materials, which sectors the Revolutionary Guard Corps controls, and which materials support Iran’s nuclear, military, or missile work. No sanctions will be imposed on a person who shows they used proper due diligence. The President may waive sanctions for up to 180 days at a time for national security reasons, with an unclassified report to Congress that may include a classified annex. The “national balance sheet of Iran” means the ratio of the government’s assets to its liabilities.