Amends the Iran Sanctions Act of 1996 to redefine: (1) "person" to include financial institutions, insurers, underwriters, guarantors, other business organizations including foreign subsidiaries, and export credit agencies; and (2) "petroleum resources" to include petroleum refining capacity and liquified natural gas. States that such amendments shall not be construed to require the imposition of sanctions against any natural person or entity that is not specifically described in the definition of "person" (as redefined by this Act). Subjects a parent company to sanctions for activities of an entity for an act outside the United States which if committed in the United States or by a U.S. person would violate Executive Order No. 12959, Executive Order No. 13059, or any other prohibition on transactions with respect to Iran under the International Emergency Economic Powers Act if the entity was created or availed of in order to engage in such an act. States that such provision shall not apply to any act carried out under a contract or obligation if: (1) the contract or obligation existed on May 22, 2007, unless such contract or obligation is extended in time or expanded to cover additional activities beyond the terms of the contract or obligation as it existed on May 22, 2007; or (2) the parent company acquired the entity not knowing, and not having reason to know, that such contract or obligation existed, unless such contract or obligation is extended in time or expanded to cover additional activities beyond the terms of such contract or obligation as it existed at the time of acquisition. Defines "parent company," "United States person," and "entity."