ILSA Extension Act of 2001
(January 3, 2002)
In January 2002, the House of Representatives passed the ILSA Extension Act that extended to 2006 the original Iran
and Libya Sanctions Act
The law imposes sanctions on foreign companies that invest
$40 million or more in these two countries' energy sectors and was created in response to these two countries'
support for international terrorism, their efforts to acquire weapons
of mass destruction, and their efforts to derail the peace process.
The original bill was signed into law on August 5, 1996.
To extend the authorities of the Iran and Libya Sanctions
Act of 1996 until 2006, and for other purposes.
Be it enacted by the Senate and House of Representatives
of the United States ofAmerica in Congress assembled,
SECTION 1. SHORT
This Act may be cited as the `ILSA Extension Act of
SEC. 2. IMPOSITION
OF SANCTIONS WITH RESPECT TO LIBYA.
(a) IN GENERAL- Section 5(b)(2) of the Iran and
Libya Sanctions Act of 1996
(50 U.S.C. 1701 note; 110 Stat. 1543) is amended
by striking `$40,000,000' each place it appears and inserting `$20,000,000'.
(b) EFFECTIVE DATE- The amendments made by subsection
(a) shall apply to investments made on or after June 13, 2001.
SEC. 3. REPORTS REQUIRED.
Section 10 of the Iran and Libya Sanctions Act of
1996 (Public Law 104-172; 50 U.S.C. 1701 note) is amended--
(1) by redesignating subsection (b) as subsection
(2) by inserting after subsection (a) the following:
(b) REPORT ON EFFECTIVENESS OF ACTIONS UNDER THIS
ACT- Not earlier than 24 months, and not later than 30 months, after
the date of the enactment of the ILSA Extension Act of 2001, the President
shall transmit to Congress a report that describes--
(1) the extent to which actions relating to trade
taken pursuant to this Act-
(A) have been effective in achieving the objectives
of section 3 and any other foreign policy or national security
objectives of the United States with respect to Iran and Libya;
(B) have affected humanitarian interests in
Iran and Libya, the country in which the sanctioned person is
located, or in other countries; and
(2) the impact of actions relating to trade taken
pursuant to this Act on other national security, economic, and foreign
policy interests of the United States, including relations with
countries friendly to the United States, and on the United States
The President may include in the report the President's
recommendation on whether or not this Act should be terminated or
SEC. 4. EXTENSION
OF IRAN AND LIBYA SANCTIONS ACT OF1996.
Section 13(b) of the Iran and Libya Sanctions Act
of 1996 (Public Law 104-172; 50 U.S.C. 1701 note) is amended by striking
`5 years' and inserting `10 years'.
SEC. 5. REVISED DEFINITION
Section 14(9) of the Iran and Libya Sanctions Act
of 1996 (50 U.S.C. 1701 note; 110 Stat. 1549) is amended by adding at
the end the following new sentence: `For purposes of this paragraph,
an amendment or other modification that is made, on or after June 13,
2001, to an agreement or contract shall be treated as the entry of an
agreement or contract.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.
Sources: The Library of Congress