Iran and Libya Sanctions Act
Act which imposed economic sanctions on corporations doing business with Libya and Iran / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Iran and Libya Sanctions Act?
Summarize this article for a 10 year old
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]
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 | |
|
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]