According to a committee summary of the bill, the legislation:
Ø Stiffens penalties for human rights violators by applying the financial sector sanctions in existing law to transactions involving:
· human rights violators
· persons transferring technologies to Iran that are likely to be used to commit human rights abuses
· persons who engage in censorship or related activities against citizens of Iran, corrupt officials that confiscate humanitarian and other goods for their own benefit, and
· persons exporting sensitive technology to Iran.
Ø Strengthens existing sanctions by compelling countries that are currently purchasing crude oil from Iran to reduce their combined purchases of Iranian crude oil by a total of 1,000,000 barrels per day within a year. By taking 1,000,000 barrels per day of Iranian crude oil off of the market within a year (with safeguards to ensure that international oil markets can withstand such a reduction), the Iranian regime would continue to lose the long-term funding that it requires to pay for its nuclear program, ballistic missiles, and sponsorship of terrorism.
Ø Penalizes foreign persons who engage in significant commercial trade with Iran. This would use the same model – targeting transactions through the Central Bank or a designated Iranian bank – that has successfully curtailed Iran’s oil trade over the past year.
Ø Expands the list of sectors of the Iranian economy effectively blacklisted, and provide the president the tools to add additional sectors of strategic importance to the government of Iran.
Ø Limits Iran’s access to overseas foreign currency reserves and impose additional shipping sanctions to limit the ability of the regime to engage in international commerce.
Ø Requires that the administration produce annually a national strategy on Iran highlighting Iranian capabilities and key vulnerabilities that the United States may exploit, providing the United States government a roadmap as to how to effectively address the Iranian threat.
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