Syria Sanctions Act of 2011

Directs the President to impose three or more sanctions on a person that knowingly purchases Syrian-developed petroleum resources or provides specified services related to the exportation of petroleum resources for processing outside of Syria if: (1) the government of Syria was involved in the development or sale of the petroleum resources in Syria; and (2) the fair market value of the petroleum resources is at least $1 million or during a 12-month period has an aggregate fair market value of at least $5 million. (Exempts underwriters and insurance providers exercising due diligence from such provisions.)

Directs the President to impose three or more sanctions on a person that knowingly facilitates the issuance of sovereign debt of the government of Syria for the purpose of: (1) contributing to Syria's ability to develop petroleum resources, (2) facilitating Syria's domestic production of refined petroleum products, or (3) contributing to Syria's ability to import refined petroleum products or to export petroleum resources.

Defines sanctions to include: (1) prohibitions on Export-Import Bank assistance, (2) prohibitions on loans from U.S. financial institutions and other financial services, (3) prohibitions on foreign exchange and other banking transactions, (4) prohibitions on property transactions, (5) export and procurement sanctions, and (6) import restrictions imposed under the International Emergency Economic Powers Act.

Sets forth exceptions to such sanctions for: (1) the procurement of certain defense articles or services; (2) eligible products to designated countries or instrumentalities; (3) products, technology, or services under contracts entered into before the date on which the President publishes in the Federal Register the name of the person on which the sanctions are to be imposed; (4) spare or component parts or information and technology that are essential to U.S. products or production, and related servicing and maintenance; or (5) medicines, medical supplies, or other humanitarian items.

Requires a certification from a prospective federal contractor that such contractor, and any controlled person, does not engage in sanctionable activity. Directs the head of an executive agency who determines that a person has submitted a false certification to: (1) terminate a contract with such person, or (2) suspend such person from federal contract eligibility for up to three years. Authorizes the President to waive such certification requirement if in the U.S. national interest.

Authorizes: (1) the Secretary of State to issue upon request an advisory opinion with respect to whether a proposed activity would be sanctionable, and (2) a person to rely in good faith on such opinion and proceed without being subject to sanctions.

Allows a delay of up to 90 days in the imposition of sanctions to permit the President to initiate consultations with the government with primary jurisdiction over a foreign person to whom sanctions are made applicable. Imposes sanctions, to remain in effect for two years, unless the President certifies to Congress that such government has taken specific and effective actions to terminate the involvement of the foreign person in the sanctionable activities.

Authorizes the President to terminate sanctions after one year if: (1) the sanctioned person is no longer engaging in sanctionable activity, and (2) the President has received reliable assurances that the person will not knowingly engage in such future activity.

Authorizes the President to waive imposition of sanctions for one 12-month period if in the national security interests of the United States.

Terminates the requirement to impose sanctions and any sanctions imposed on the date the President submits to Congress a certification that the government of Syria is democratically elected and representative of the people of Syria and a certification under the Syria Accountability and Lebanese Sovereignty Restoration Act of 2003 that the Syrian government has:

ceased support for international terrorist groups;

ended its occupation of Lebanon;

ceased development and deployment of ballistic missiles and biological, chemical, or nuclear weapons and agreed to verification measures; and

ceased all support for, and facilitation of, terrorist activities in Iraq. States that a determination to impose sanctions under this Act shall not be reviewable in any court.

Exempts intelligence activities subject to reporting requirements of the National Security Act of 1947 from application of this Act.