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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6120 Introduced in House (IH)]

<DOC>

118th CONGRESS
  1st Session
                                H. R. 6120

 To restore and require the imposition of certain sanctions previously 
          waived with respect to Iran, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            October 30, 2023

  Mr. Meuser introduced the following bill; which was referred to the 
   Committee on Foreign Affairs, and in addition to the Committee on 
 Financial Services, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL

 
 To restore and require the imposition of certain sanctions previously 
          waived with respect to Iran, and for other purposes.

    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 ``Negating Opportunities for Oil 
Income Leveraged for Terrorists Act'' or the ``NO OIL for Terrorists 
Act''.

SEC. 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.

SEC. 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; and
                            (ii) the waiver is critical to the national 
                        security interests of the United States; and
                    (B) submits written notification to the Speaker and 
                the Minority Leader of the House of Representatives, as 
                well as the Majority and Minority Leaders of the 
                Senate, of the intent to issue such a waiver.
            (2) Humanitarian needs.--The requirement to impose 
        sanctions under this section shall not apply to transactions 
        for or incidental to the sale of agricultural commodities, 
        food, medicine, or medical devices to Iran.

SEC. 4. SANCTIONS ON FINANCIAL INSTITUTIONS.

    (a) Finding.--The Government of Iran uses its banking sector to 
facilitate Iran's nuclear programs, its support for terrorism, and its 
malign regional influence.
    (b) Imposition of Sanctions.--
            (1) The President shall prohibit the opening, and prohibit 
        or impose strict conditions on the maintaining, in the United 
        States of a correspondent account or a payable-through account 
        by any foreign financial institution that knowingly conducts or 
        facilitates any significant financial transaction with the 
        Central Bank of Iran or any other Iranian financial institution 
        included in the List of Specially Designated Nationals and 
        Blocked Persons maintained by the Office of Foreign Assets 
        Control of the Department of the Treasury pursuant to the 
        imposition of sanctions relating to Iran's proliferation of 
        weapons of mass destruction or Iran's support for international 
        terrorism.
            (2) Waiver.--The President may, on a case-by-case basis, 
        waive the sanctions required by paragraph (1) with respect to 
        transactions the President determines are necessary to the 
        national security interests of the United States.

SEC. 5. REPORTING REQUIREMENT.

    The President shall submit to the appropriate congressional 
committees not later than 60 days after the date of the enactment of 
this Act, and every 180 days thereafter, a report that includes each of 
the following:
            (1) The progress of the Government of Iran in complying 
        with international nuclear obligations.
            (2) The status of Iran's support for international 
        terrorism, including its financing and support of Hamas and 
        other terrorist organizations.
            (3) Measures taken to impose and enforce the sanctions 
        required by this Act.

SEC. 6. SUNSET CLAUSE.

    This Act shall cease to have effect on date on which the President 
certifies to Congress that Iran has ceased to finance international 
terrorism.

SEC. 7. DEFINITIONS.

    In this Act--
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means--
                    (A) the Committee on Foreign Affairs, the Committee 
                on Financial Services, the Committee on Ways and Means, 
                and the Permanent Select Committee on Intelligence of 
                the House of Representatives; and
                    (B) the Committee on Foreign Relations, the 
                Committee on Banking, Housing, and Urban Affairs, the 
                Committee on Finance, and the Select Committee on 
                Intelligence of the Senate.
            (2) Foreign financial institution.--The term ``foreign 
        financial institution'' has the meaning given that term in 
        section 561.308 of title 31, Code of Federal Regulations.
            (3) Foreign person.--The term ``foreign person'' means a 
        person who is not a United States person.
            (4) United states person.--The term ``United States 
        person'' means--
                    (A) a citizen or national of the United States or 
                an alien lawfully admitted for permanent residence to 
                the United States; or
                    (B) an entity organized under the laws of the 
                United States or any jurisdiction within the United 
                States including a foreign branch of such an entity.
                                 <all>
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