Congress: 112 · Status: active · Israel/Palestine classification: pro-Israel
Data (JSON) — machine-readable record of this bill (identifiers, sponsor, classification, actions, and the member-by-member vote breakdown).
Official record on Congress.gov — full text, actions, and cosponsor history for HR 3843.
Sponsor: Berman, Howard L. (D-CA)
Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the Secretary of the Treasury to determine whether the National Iranian Oil Company (NIOC) or the National Iranian Tanker Company (NITC) is an agent or affiliate of Iran's Islamic Revolutionary Guard Corps (IRGC) and submit such determination to Congress. Applies, 180 days after the enactment of the National Defense Authorization Act for Fiscal Year 2012 (P.L. 112-81), specified prohibitions and conditions on U.S. correspondent or payable-through accounts of foreign financial institutions that engage in petroleum or petroleum product transactions with, or provide related financial services to, the NIOC or NITC if the President determines that there is a sufficient supply of non-Iranian petroleum and petroleum product sources to permit purchasers of Iranian petroleum and petroleum products to reduce significantly their purchases from Iran. Exempts from such provision foreign financial institutions from a country that has significantly reduced its crude oil purchases from Iran.
This law directs the Treasury Department to investigate whether Iran's state oil company (NIOC) and tanker company (NITC) are controlled by Iran's military (IRGC). If they are, and if the President determines there's enough non-Iranian oil available worldwide, the law blocks U.S. banks from handling financial transactions for these companies. Countries that have already cut their Iranian oil purchases significantly can be exempted.
This expands economic pressure on Iran's oil sector by targeting entities that fund military operations. The sanctions affect any foreign bank doing business with Iran's oil industry, which shapes global energy markets and Iran's revenue streams—a core lever in U.S. Middle East policy.