Page:United States Statutes at Large Volume 110 Part 2.djvu/750

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110 STAT. 1542 PUBLIC LAW 104-172 —AUG. 5, 1996 President. 50 USC 1701 note. Notification. explore for, extract, refine, or transport by pipeline petroleum resources of Iran. (b) POLICY WITH RESPECT TO LIBYA.— The Congress further declares that it is the policy of the United States to seek full compliance by Libya with its obligations under Resolutions 731, 748, and 883 of the Security Council of the United Nations, including ending all support for acts of international terrorism and efforts to develop or acquire weapons of mass destruction. SEC. 4. MULTILATERAL REGIME. (a) MULTILATERAL NEGOTIATIONS.—In order to further the objectives of section 3, the Congress urges the President to commence immediately diplomatic efforts, both in appropriate international fora such as the United Nations, and bilaterally with allies of the United States, to establish a multilateral sanctions regime against Iran, including provisions limiting the development of petroleum resources, that will inhibit Iran's efforts to carry out activities described in section 2. (b) REPORTS TO CONGRESS. — The President shall report to the appropriate congressional committees, not later than 1 year after the date of the enactment of this Act, and periodically thereafter, on the extent that diplomatic efforts described in subsection (a) have been successful. Each report shall include— (1) the countries that have agreed to undertake measures to further the objectives of section 3 with respect to Iran, and a description of those measures; and (2) the countries that have not agreed to measures described in paragraph (1), and, with respect to those countries, other measures (in addition to that provided in subsection (d)) the President recommends that the United States take to further the objectives of section 3 with respect to Iran. (c) WAIVER. —The President may waive the application of section 5(a) with respect to nationals of a country if— (1) that country has agreed to undertake substantial measures, including economic sanctions, that will inhibit Iran's efforts to carry out activities described in section 2 and information required by subsection (b)(1) has been included in a report submitted under subsection (b); and (2) the President, at least 30 days before the waiver takes effect, notifies the appropriate congressional committees of his intention to exercise the waiver. (d) ENHANCED SANCTION. — (1) SANCTION.— With respect to nationals of countries except those with respect to which the President has exercised the waiver authority of subsection (c), at any time after the first report is required to be submitted under subsection (b), section 5(a) shall be applied by substituting "$20,000,000" for "$40,000,000" each place it appears, and by substituting "$5,000,000" for "$10,000,000". (2) REPORT TO CONGRESS.— The President shall report to the appropriate congressional committees any country with respect to which paragraph (1) applies. (e) INTERIM REPORT ON MULTILATERAL SANCTIONS; MONITOR- ING.—The President, not later than 90 days after the date of the enactment of this Act, shall report to the appropriate congressional committees on—