This bill would eliminate the ability to waive sanctions on Iran through an executive order. It would also organize sanctions that had been imposed by executive order into law.
If passed, this bill would remove the power of the executive branch (namely the President) to eliminate sanctions on Iran related to:
- The transportation of crude oil from Iran
- The sale, supply, or transfer of certain materials to or from Iran.
- Financial institutions that work with Iran, Iran’s financial sector, and people that support or conduct transactions with Iran’s Revolutionary Guard Corps or other people targeted by sanctions.
The President would be directed to put a stop to any accounts maintained in the U.S. that are used for the purchase, sale, or transportation of Iranian petroleum and petroleum products. The importation of refined petroleum products made using Iranian crude oil into the U.S. would be 100 percent prohibited — even if the crude oil was co-mingled with non-Iranian oil.
The bill also requires the imposition of sanctions on violators of this provisions and blocks transactions involving the purchase of U.S. currency or precious metals by the government of Iran. More sanctions would be directed on:
People who knowingly engaged in significant financial transactions with Iran's automotive sector, and the related accounts.
- Any foreign financial institution that has knowingly facilitated a significant financial transaction on behalf of a blocked person or specially designated Iranian national.