1. Short title This Act may be cited as the Negating Opportunities for Oil Income Leveraged for Terrorists Act or the NO OIL for Terrorists Act . 2. Findings Congress finds the following: (1) The Islamic Republic of Iran continues to engage in serious violations of its international obligations. (2) The Government of Iran provides funding, material support, and resources to terrorist organizations, including Hamas, which conducts terrorist attacks against Israel. (3) The actions of the Government of Iran pose an ongoing threat to the national security of the United States, our allies, and international stability. (4) The reimposition of sanctions is a necessary and appropriate measure to counter Iran’s destabilizing activities and encourage Iran’s compliance with international obligations. 3. Reimposition of sanctions (a) Oil export sanctions The President shall use all powers granted to the President under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) to block all property and interests in property within the United States, or within the possession or control of any United States person, of any foreign person determined to have knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum, petroleum products, or petrochemical products from Iran. (b) Penalties The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) shall apply to violations of the regulations prescribed under subsection (a) to the same extent as such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act. (c) Exceptions (1) Waiver The President may grant waivers on a case-by-case basis to a foreign person if the President— (A) determines that— (i) the country of which the foreign person is a national or under the laws of which the foreign person is organized has significantly reduced its volume of crude oil purchases from Iran