SHIP Act

The SHIP Act imposes sanctions on foreign entities that knowingly handle Iranian petroleum, targeting those involved in port operations, transportation, refining, or ship-to-ship transfers of Iranian oil. Starting 90 days after enactment, the President must block assets, deny visas, and impose penalties on individuals or companies engaging in these activities, including family members or owners of sanctioned entities. It requires annual reports tracking Iran's oil exports, revenues, and key players like shipping companies and ports. The sanctions terminate if the President certifies Iran has stopped supporting terrorism and dismantled weapons programs.