Iranian Revolutionary Guard Corps Economic Exclusion Act
This bill expands sanctions and reporting requirements related to Iran's Revolutionary Guard Corps (IRGC), a branch of the Iranian armed forces that the Department of State has designated as a foreign terrorist organization.
The President shall identify foreign persons and entities that have conducted one or more sensitive transactions or activities related to the IRGC as well as entities owned or controlled by the IRGC and impose property- and visa-blocking sanctions on them. The bill expands the definition of a "sensitive transaction or activity" to include transactions to provide material support for (1) a designated foreign terrorist organization, (2) a foreign person or entity whose property and interests have been blocked pursuant to an executive order related to those who commit or threaten terrorist acts, or (5) the Syrian government or any agency or entity owned or controlled by the Syrian government.
The bill also expands existing sanctions to cover foreign persons and entities that knowingly provided significant financial services to an Iranian person or entity that (1) has been designated as a foreign terrorist organization, (2) has provided support for an act of international terrorism, or (3) is subject to sanctions pursuant to various executive orders.
The President shall report to Congress on whether specified entities, such as the Telecommunication Company of Iran and the Iran Mineral Products Company, are owned or controlled by the IRGC. The bill imposes other reporting requirements, including an analysis of how supply chains in Iran and abroad aid the IRGC.