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House Bill 5923
118th Congress(2023-2024)
Iran-China Energy Sanctions Act of 2023
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Passed House on Apr 15, 2024
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H. R. 5923 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 5923


To impose restrictions on correspondent and payable-through accounts in the United States with respect to Chinese financial institutions that conduct transactions involving the purchase of petroleum or petroleum products from Iran.

IN THE HOUSE OF REPRESENTATIVES

October 11, 2023

Mr. Lawler (for himself, Mr. Gottheimer, Mr. Donalds, and Mr. Loudermilk) introduced the following bill

October 25, 2023

Referred to the Committee on Financial Services

A BILL

To impose restrictions on correspondent and payable-through accounts in the United States with respect to Chinese financial institutions that conduct transactions involving the purchase of petroleum or petroleum products from Iran.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Iran-China Energy Sanctions Act of 2023”.

SEC. 2. Sanctions on Chinese financial institutions that purchase petroleum products from Iran.

Section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)) is amended—

(1) by redesignating paragraph (5) as paragraph (6); and

(2) by inserting after paragraph (4) the following new paragraph:

“(5) APPLICABILITY OF SANCTIONS WITH RESPECT TO CHINESE FINANCIAL INSTITUTIONS.—For the purpose of paragraph (1)(A), a ‘significant financial transaction’ includes any transaction by a Chinese financial institution involving the purchase of petroleum or petroleum products from Iran.

“(A) DETERMINATION REQUIRED.—Not later than 180 days after the date of the enactment of this paragraph and every year thereafter for 5 years, the President shall—

“(i) determine whether any Chinese financial institution has engaged in a significant financial transaction as described in paragraph (1)(A); and

“(ii) transmit the determination under clause (i) to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.”.