NIOC
(4) Determinations regarding NIOC and NITC (A) Determinations For purposes of paragraph (2)(E), the Secretary of the Treasury shall, not later than 45 days after August 10, 2012 — (i) determine whether the NIOC or the NITC is an agent or affiliate of Iran’s Revolutionary Guard Corps; and (ii) submit to the appropriate congressional committees a report on the determinations made under clause (i), together with the reasons for those determinations. (B) Form of report A report submitted under subparagraph (A)(ii) shall be submitted in unclassified form but may contain a classified annex. (C) Applicability with respect to petroleum transactions (i) Application of sanctions Except as provided in clause (ii), if the Secretary of the Treasury determines that the NIOC or the NITC is a person described in clause (i) or (ii) of paragraph (2)(E), the regulations prescribed under paragraph (1) shall apply with respect to a significant transaction or transactions or significant financial services knowingly facilitated or provided by a foreign financial institution for the NIOC or the NITC, as applicable, for the purchase of petroleum or petroleum products from Iran, only if a determination of the President under section 8513a(d)(4)(B) of this title that there is a sufficient supply of petroleum and petroleum products produced in countries other than Iran to permit purchasers of petroleum and petroleum products from Iran to reduce significantly their purchases from Iran is in effect at the time of the transaction or the provision of the service. (ii) Exception for certain countries If the Secretary of the Treasury determines that the NIOC or the NITC is a person described in clause (i) or (ii) of paragraph (2)(E), the regulations prescribed under paragraph (1) shall not apply to a significant transaction or transactions or significant financial services knowingly facilitated or provided by a foreign financial institution for the NIOC or the NITC, as applicable, for the purchase of petroleum or petroleum products from Iran if an exception under paragraph (4)(D) of section 8513a(d) of this title applies to the country with primary jurisdiction over the foreign financial institution at the time of the transaction or the provision of the service. (iii) Rule of construction The exceptions in clauses (i) and (ii) shall not be construed to limit the authority of the Secretary of the Treasury to impose sanctions pursuant to the regulations prescribed under paragraph (1) for an activity described in paragraph (2) to the extent the activity would meet the criteria described in that paragraph in the absence of the involvement of the NIOC or the NITC. (D) Definitions In this paragraph: (i) NIOC The term “NIOC” means the National Iranian Oil Company. (ii) NITC The term “NITC” means the National Iranian Tanker Company.