Iran and Libya Sanctions Act

Iran and Libya Sanctions Act of 1995
Great Seal of the United States
Long titleAn 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
NicknamesIran Oil Sanctions Act of 1996
Enacted bythe 104th United States Congress
EffectiveAugust 5, 1996
Citations
Public law104-172
Statutes at Large110 Stat. 1541
Codification
Titles amended50 U.S.C.: War and National Defense
U.S.C. sections amended50 U.S.C. ch. 35 § 1701 et seq.
Legislative history

The Iran and Libya Sanctions Act of 1996 (ILSA) was a 1996 act of the United States Congress that imposed economic sanctions on firms doing business with Iran and Libya.[1] On September 20, 2004, the President signed an Executive Order to terminate the national emergency with respect to Libya and to end IEEPA-based economic sanctions on Libya. On September 30, 2006, the Act was renamed the Iran 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 many Iranian expatriates based in the US continue to make substantial investments in Iran.[3]

  1. ^ "H.R.3107 - Iran and Libya Sanctions Act of 1996". www.congress.gov. 1996. Archived from the original on May 14, 2020. Retrieved May 18, 2020.
  2. ^ Zengerle, Patricia (1 December 2016). "Extension of Iran Sanctions Act passes U.S. Congress". Reuters. Archived from the original on 2 December 2016. Retrieved 2 December 2016.
  3. ^ "Iran", Investment regulations, Economist Intelligence Unit, 19 March 2008