Summary: S.1228 — 104th Congress (1995-1996)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed Senate amended (12/20/1995)

Iran Oil Sanctions Act of 1995 - Directs the President to impose certain credit sanctions against persons who, with actual knowledge, have made an investment of more than $40 million in any 12-month period that has significantly contributed to the development of petroleum resources in Iran. Requires the President to publish in the Federal Register a list of persons that are subject to such sanctions.

(Sec. 6) Authorizes the Secretary of State, upon the request of any person, to issue an advisory opinion as to whether a proposed activity would subject that person to sanctions under this Act.

(Sec. 7) Authorizes waiver of the requirements of this Act if the President reports to specified congressional committees that it is important to U.S. national interest to exercise such waiver.

(Sec. 8) Terminates such sanctions if the President certifies to the appropriate congressional committees that Iran: (1) has ceased its efforts to develop or acquire a nuclear explosive device, chemical or biological weapons, or ballistic missiles or related launch technology; and (2) has been removed from the list of state sponsors of international terrorism.

(Sec. 9) Requires the President to report periodically to the Congress on Iran's: (1) nuclear and other military capabilities; and (2) support for acts of international terrorism.

(Sec. 11) Declares that the sanctions and requirements of this Act shall also apply to persons making investments for the development of petroleum resources in Libya.