2019 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 95 - Iran Freedom and Counterproliferation
Sec. 8806 - Imposition of sanctions with respect to foreign financial institutions that facilitate financial transactions on behalf of specially designated nationals
| 22 U.S.C. § 8806 (2019) |
| §8806. Imposition of sanctions with respect to foreign financial institutions that facilitate financial transactions on behalf of specially designated nationals |
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(a) In general
Except as provided in this section, the President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that the President determines has, on or after the date that is 180 days after January 2, 2013, knowingly facilitated a significant financial transaction on behalf of any Iranian person included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury (other than an Iranian financial institution described in subsection (b)). (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. The President may not impose sanctions under subsection (a) with respect to any person for conducting or facilitating a transaction for the sale of agricultural commodities, food, medicine, or medical devices to Iran or for the provision of humanitarian assistance to the people of Iran. (d) Applicability of sanctions to petroleum and petroleum products (1) In generalExcept as provided in paragraph (2), subsection (a) shall apply with respect to a financial transaction for the purchase of petroleum or petroleum products from Iran only if, at the time of the transaction, a determination of the President under section 8513a(d)(4)(B) of this title that the price and supply of petroleum and petroleum products produced in countries other than Iran is sufficient to permit purchasers of petroleum and petroleum products from Iran to reduce significantly their purchases from Iran is in effect. Subsection (a) shall not apply with respect to a financial transaction described in subparagraph (B) conducted or facilitated by a foreign financial institution if, at the time of the transaction, the exception under section 8513a(d)(4)(D)(i) of this title applies to the country with primary jurisdiction over the foreign financial institution. A 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. Subsection (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. The 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. Each report submitted under paragraph (1)(B) shall be submitted in unclassified form, but may include a classified annex. |
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(Pub. L. 112–239, div. A, title XII, §1247, Jan. 2, 2013, 126 Stat. 2013.) |
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DELEGATION OF FUNCTIONS
For delegation of certain functions and authorities vested in the President by this section, see Memorandum of President of the United States, June 3, 2013, 78 F.R. 35545, set out as a note under section 8801 of this title. |
| United States Code, 2018 Edition, Supplement 1, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 95 - IRAN FREEDOM AND COUNTERPROLIFERATION Sec. 8806 - Imposition of sanctions with respect to foreign financial institutions that facilitate financial transactions on behalf of specially designated nationals |
| section 8806 |
| 2019 |
| January 24, 2020 |
| No |
| standard |
| 126 Stat. 2013 |
| Public Law 112-239 |
