View all text of Chapter 95 [§ 8801 - § 8811]
§ 8806. Imposition of sanctions with respect to foreign financial institutions that facilitate financial transactions on behalf of specially designated nationals
(a) In general
(b) Iranian financial institutions describedAn Iranian financial institution described in this subsection is an Iranian financial institution that has not been designated for the imposition of sanctions in connection with—
(1) Iran’s proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction;
(2) Iran’s support for international terrorism; or
(3) Iran’s abuses of human rights.
(c) Humanitarian exception
(d) Applicability of sanctions to petroleum and petroleum products
(1) In general
(2) Exception for certain countries
(A) In general
(B) Financial transactions describedA financial transaction conducted or facilitated by a foreign financial institution is described in this subparagraph if—
(i) the financial transaction is only for trade in goods or services—(I) not otherwise subject to sanctions under the law of the United States; and(II) between the country with primary jurisdiction over the foreign financial institution and Iran; and
(ii) any funds owed to Iran as a result of such trade are credited to an account located in the country with primary jurisdiction over the foreign financial institution.
(e) Applicability of sanctions to natural gasSubsection (a) shall apply to a foreign financial institution that conducts or facilitates a financial transaction for the sale, supply, or transfer to or from Iran of natural gas unless—
(1) the financial transaction is only for trade in goods or services—
(A) not otherwise subject to sanctions under the law of the United States; and
(B) between the country with primary jurisdiction over the foreign financial institution and Iran; and
(2) any funds owed to Iran as a result of such trade are credited to an account located in the country with primary jurisdiction over the foreign financial institution.
(f) Waiver
(1) In generalThe President may waive the imposition of sanctions under subsection (a) for a period of not more than 180 days, and may renew that waiver for additional periods of not more than 180 days, if the President—
(A) determines that such a waiver is vital to the national security of the United States; and
(B) submits to the appropriate congressional committees a report providing a justification for the waiver.
(2) Form of report
(Pub. L. 112–239, div. A, title XII, § 1247, Jan. 2, 2013, 126 Stat. 2013.)