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| Long title | An Act to impose sanctions on persons making certain investments directly and significantly contributing to the enhancement of the ability of Iran or Libya to develop its petroleum resources, and on persons exporting certain items that enhance Libya's weapons or aviation capabilities or enhance Libya's ability to develop its petroleum resources, and for other purposes. |
|---|---|
| Acronyms(colloquial) | ILSA, IOSA |
| Nicknames | Iran Oil Sanctions Act of 1996 |
| Enacted by | the104th United States Congress |
| Effective | August 5, 1996 |
| Citations | |
| Public law | 104-172 |
| Statutes at Large | 110 Stat. 1541 |
| Codification | |
| Titles amended | 50 U.S.C.: War and National Defense |
| U.S.C. sections amended | 50 U.S.C. ch. 35 § 1701 et seq. |
| Legislative history | |
| |
TheIran and Libya Sanctions Act of 1996 (ILSA) was a 1996act of the United States Congress that imposedeconomic sanctions onfirms doing business withIran andLibya.[1] On September 20, 2004, the President signed anExecutive Order to terminate the national emergency with respect to Libya and to endIEEPA-based economic sanctions on Libya. On September 30, 2006, the Act was renamed theIran Sanctions Act (ISA). The Act was originally limited to five years, and has been extended several times. On December 1, 2016, ISA was extended for a further ten years.[2]
The Act empowers the President to waive sanctions on a case-by-case basis, which is subject to renewal every six months. As at March 2008, ISA sanctions had not been enforced against any non-US company. Despite the restrictions on American investment in Iran,FIPPA provisions apply to all foreign investors, and manyIranian expatriates based in the US continue to make substantial investments in Iran.[3]
In 1995, in response to theIranian nuclear program and Iraniansupport forHezbollah,Hamas, andPalestine Islamic Jihad, that are considered terrorist organizations by the US,PresidentBill Clinton had issued severalexecutive orders with respect to Iran, includingExecutive Order 12957 of March 15, 1995, banning U.S. investment in Iran's energy sector, andExecutive Order 12959 of May 6, 1995, which banned U.S. trade with andinvestment in Iran.
The Act targets both U.S. and non-U.S. business making certain investments in Iran. Under ISA, unless exempted by the president, all foreign companies that provide investments over $20 million for the development ofpetroleum resources in Iran will be imposed two out of seven possible sanctions, by the U.S.:[4]
ILSA included a five-yearsunset clause and was to expire on August 5, 2001. In the debate in the U.S. Congress on whether ILSA should expire, some legislators argued sanctions hindered bilateral relations, and others argued they would be seen as a concession on an effective program. ILSA was renewed by the Congress and signed by PresidentGeorge W. Bush.[5] ILSA was renewed for another five years,[6] until August 2006.
In 2005, the Iran Freedom Support bill was introduced in bothhouses to extend the provisions of ILSA indefinitely and to impose a time limit for the administration to determine whether an investment violates ILSA. TheHouse of Representatives legislation, H.R. 282 was introduced on January 6, 2005, was reported bycommittee on March 15, 2006, and passed the House on April 26, 2006, by a vote of 397–21, with 14 not voting. The companion Senate legislation, S. 333 was introduced on February 9, 2005, was referred to theForeign Relations Committee. The bill was not reported by the committee and died.
On July 25, 2006, bill H.R. 5877, to extend ILSA until September 29, 2006, was introduced in the House, and passed the next day byvoice vote. It was passed by the Senate byunanimous consent on July 31, and was signed into law byPresidentGeorge W. Bush on August 4, 2006.
On September 30, 2006, ILSA was renamed the Iran Sanctions Act (ISA), as it no longer applied to Libya, and extended until December 31, 2011. TheIran Freedom and Support Act passed on the same day on September 30, 2006. TheComprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 amended the Iran Sanctions Act to expand the president's ability to punish companies aiding Iran's petroleum sector.
On December 1, 2016, ISA was extended for a further ten years.[2]
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