The Iran and Libya Sanctions Act
The Iran and Libya Sanctions Act was signed into law on August 5, 1996 and was renewed in July 2001. The United States already has a total trade embargo against Iran and Libya. The new law imposes sanctions on foreign companies that invest $40 million or more in these two countries' energy sectors. The Iran and Libya Sanctions Act is the latest U.S. 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 purpose of the law is to deny Iran and Libya the hard currency necessary to fund these destabilizing policies. Already, the law has denied Iran billions of dollars in foreign investments that would have been made if the law did not exist.
Key Provisions of the Iran and Libya Sanctions Act of 1996
1. No extension of credit to a sanctioned entity from the U.S. ExportImport Bank.
2. No export licenses granted to a sanctioned entity seeking advanced U.S. dualuse technology.
3. No loans or credits in excess of $10 million to a sanctioned entity from U.S. financial institutions.
Source: American Israel Public Affairs Committee (AIPAC)