Act which imposed economic sanctions on corporations doing business with Libya and Iran
Iran and Libya Sanctions Act of 1995
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
the 104th 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
Introduced in the House as H.R. 3107 by Benjamin Gilman (R–NY) on March 19, 1996
Committee consideration by House International Relations, House Banking and Financial Services, House Ways and Means, House Government Reform and Oversight
Passed the House on June 19, 1996 (415–0, Roll call vote 250, via Clerk.House.gov)
Passed the Senate on July 16, 1996 (passed unanimous consent) with amendment
House agreed to Senate amendment on July 23, 1996 (agreed without objection)
Signed into law by President Bill Clinton on August 5, 1996
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]
^"H.R.3107 - Iran and Libya Sanctions Act of 1996". www.congress.gov. 1996. Retrieved May 18, 2020.
^Zengerle, Patricia (1 December 2016). "Extension of Iran Sanctions Act passes U.S. Congress". Reuters. Retrieved 2 December 2016.
^"Iran", Investment regulations, Economist Intelligence Unit, 19 March 2008
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