What Iran Sanctions Act of 1996 - Public Law 104-172 requires
The Iran Sanctions Act of 1996 (ISA, Public Law 104-172, enacted 5 August 1996, originally the Iran and Libya Sanctions Act and renamed when Libya sanctions were lifted in 2006) authorises the President to impose sanctions on foreign persons that knowingly make significant investments in Iran's petroleum sector or otherwise contribute to Iran's ability to develop petroleum resources. The Act has been extended and substantially amended through the Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), the Iran Threat Reduction and Syria Human Rights Act of 2012 (ITRSHRA), the Iran Freedom and Counter-Proliferation Act of 2012, and the Countering America's Adversaries Through Sanctions Act of 2017 (CAATSA). The ISA authorises a menu of sanctions including denial of US Export-Import Bank assistance, denial of US export licences, prohibition on US bank loans exceeding 10 million USD, prohibition on US procurement, and prohibition on certain financial institution transactions. Subsequent amendments expanded coverage to include refined petroleum product sales to Iran, joint ventures with Iran outside Iran, and provision of insurance, financing, or shipping for sanctioned Iran-related activity. The ISA framework is administered by the Treasury Office of Foreign Assets Control (OFAC) under the Iranian Transactions and Sanctions Regulations (31 CFR Part 560) and informs every multinational's Iran-exposure compliance program.
Pillar: Trade Compliance & Export Controls · Authority: United States Congress (Government Publishing Office) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/PLAW-104publ172/html/PLAW-104publ172.htm
SHA-256 integrity: f186854d39904defeb8d38c192d91987aa04548914bc36df9a4f60753f95f481
Primary Citations — 8 traced to source
- Iran Sanctions Act of 1996, Public Law 104-172 https://www.govinfo.gov/content/pkg/PLAW-104publ172/html/PLAW-104publ172.htm
- Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, Public Law 111-195
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