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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
1/31/2012--Introduced. 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.