S. 908 would amend the Iran Sanctions Act of 1996 to enhance United States diplomatic efforts with respect to Iran by expanding economic sanctions against Iran.
Detailed Summary
Iran Refined Petroleum Sanctions Act - Expresses the sense of Congress that: (1) the United States should continue to support diplomatic efforts in the International Atomic Energy Agency (IAEA) and the U.N. Security Council to end Iran's illicit nuclear activities; (2) diplomatic efforts with Iran are more likely to be effective if the President is empowered with the explicit authority to impose additional sanctions on the government of Iran; (3) it should be U.S. policy to encourage foreign governments to direct state-owned and private entities to cease all investment in, and support of, Iran's energy sector and all exports of refined petroleum products to Iran; (4) the President is urged to impose sanctions on the Central Bank of Iran and any other Iranian financial institution engaged in proliferation activities or support of terrorist groups; (5) the Department of the Treasury should continue to work with allies to protect the international financial system from deceptive and illicit practices by Iranian financial institutions involved in proliferation activities or support of terrorist groups; (6) U.S. concerns regarding Iran are strictly the result of that government’s actions; and (7) the people of the United States have feelings of friendship for the people of Iran and regret that developments in recent decades have created impediments to that friendship.
Amends the Iran Sanctions Act of 1996 to direct the President to impose two or more current sanctions under such Act if a person has, with actual knowledge, made an investment of $20 million or more (or any combination of investments of at least $5 million which in the aggregate equals or exceeds $20 million in any 12-month period) that directly and significantly contributed to Iran's ability to develop its petroleum resources. (Under current law the sanction thresholds are $40 million, $10 million, and $40 million, respectively.)
Directs the President to impose: (1) sanctions established under this Act (in addition to any current sanctions imposed under the Iran Sanctions Act of 1996) if a person has, with actual knowledge, sold, leased, or provided to Iran any goods, services, technology, information, or support that would allow Iran to maintain or expand its domestic production of refined petroleum resources, including any assistance in refinery construction, modernization, or repair; and (2) sanctions established under this Act if a person has, with actual knowledge, provided Iran with refined petroleum resources or engaged in any activity that could contribute to Iran's ability to import refined petroleum resources, including providing shipping, insurance, or financing services for such activity.
Establishes additional sanctions prohibiting specified foreign exchange, banking, and property transactions.
Includes references to refined petroleum resources in a presidential report to Congress requesting waiver of sanctions for purposes of national interest.
Status of the Legislation
Latest Major Action: 4/28/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Points in Favor
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Points Against
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