A bill to amend the Iran-Iraq Arms Non-Proliferation Act of 1992 to revise the sanctions applicable to violations of that Act, and for other purposes.

Amends the Iran-Iraq Arms Non-Proliferation Act of 1992 (the Act) to expand sanctions against Iran to include: (1) U.S. opposition to assistance to Iran from international financial institutions; (2) Export-Import Bank assistance; and (3) foreign assistance under the Foreign Assistance Act of 1961, except for humanitarian assistance. (Such sanctions already apply to Iraq.) Provides for mandatory sanctions against persons or foreign countries that knowingly and materially contribute to efforts by Iran and Iraq to acquire weapons of mass destruction or the means of their delivery. Expands mandatory sanctions against persons who assist in such efforts to include the termination of any current contracts for goods or services and the revocation of existing export licenses. Makes sanctioned persons ineligible to receive visas for entry into the United States and excludes such persons from admission into the United States. Requires the President to prohibit depository institutions that are chartered by or have their principal place of business within the United States from making loans or providing credit to sanctioned persons, except those for purposes of purchasing food or agricultural commodities. Prohibits sanctioned persons, items which are the product or manufacture of such persons, or technology developed by such persons from transiting territory subject to U.S. jurisdiction. Provides for exceptions from sanctions with respect to the procurement of certain defense articles and services. Provides for the imposition of certain sanctions under the Iraq Sanctions Act of 1990 against countries sanctioned under this Act. Expands discretionary sanctions against sanctioned countries to include certain sanctions against vessels that engage in trade in sanctioned countries and the suspension of air flights to or from the United States. Denies funds for the approval of licenses for the export of supercomputers to countries that assist Iran in improving its rocket technology or weapons of mass destruction capability. (Such sanctions already apply to countries that so assist Iraq.) Removes termination dates for sanctions and makes sanctions inapplicable 30 days after the President certifies to the Congress that the sanctioned person or government has ceased to violate the Act.