I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Negating Opportuni5 ties for Oil Income Leveraged for Terrorists Act’’ or the 

6 ‘‘NO OIL for Terrorists Act’’. 

7 SEC. 2. FINDINGS. 

8 Congress finds the following: 


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1 (1) The Islamic Republic of Iran continues to 

2 engage in serious violations of its international obli3 gations. 

4 (2) The Government of Iran provides funding, 

5 material support, and resources to terrorist organi6 zations, including Hamas, which conducts terrorist 

7 attacks against Israel. 

8 (3) The actions of the Government of Iran pose 

9 an ongoing threat to the national security of the 

10 United States, our allies, and international stability. 

11 (4) The reimposition of sanctions is a necessary 

12 and appropriate measure to counter Iran’s desta13 bilizing activities and encourage Iran’s compliance 

14 with international obligations. 

15 SEC. 3. REIMPOSITION OF SANCTIONS. 

16 (a) OIL EXPORT SANCTIONS.—The President shall 

17 use all powers granted to the President under the Inter18 national Emergency Economic Powers Act (50 U.S.C. 

19 1701 et seq.) to block all property and interests in prop20 erty within the United States, or within the possession or 

21 control of any United States person, of any foreign person 

22 determined to have knowingly engaged in a significant 

23 transaction for the purchase, acquisition, sale, transport, 

24 or marketing of petroleum, petroleum products, or petro25 chemical products from Iran. 


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1 (b) PENALTIES.—The penalties provided for in sub2 sections (b) and (c) of section 206 of the International 

3 Emergency Economic Powers Act (50 U.S.C. 1705) shall 

4 apply to violations of the regulations prescribed under sub5 section (a) to the same extent as such penalties apply to 

6 a person that commits an unlawful act described in section 

7 206(a) of that Act. 

8 (c) EXCEPTIONS.— 

9 (1) WAIVER.—The President may grant waivers 

10 on a case-by-case basis to a foreign person if the 

11 President— 

12 (A) determines that— 

13 (i) the country of which the foreign 

14 person is a national or under the laws of 

15 which the foreign person is organized has 

16 significantly reduced its volume of crude 

17 oil purchases from Iran; and 

18 (ii) the waiver is critical to the na19 tional security interests of the United 

20 States; and 

21 (B) submits written notification to the 

22 Speaker and the Minority Leader of the House 

23 of Representatives, as well as the Majority and 

24 Minority Leaders of the Senate, of the intent to 

25 issue such a waiver. 


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1 (2) HUMANITARIAN NEEDS.—The requirement 

2 to impose sanctions under this section shall not 

3 apply to transactions for or incidental to the sale of 

4 agricultural commodities, food, medicine, or medical 

5 devices to Iran. 

6 SEC. 4. SANCTIONS ON FINANCIAL INSTITUTIONS. 

7 (a) FINDING.—The Government of Iran uses its 

8 banking sector to facilitate Iran’s nuclear programs, its 

9 support for terrorism, and its malign regional influence. 

10 (b) IMPOSITION OF SANCTIONS.— 

11 (1) The President shall prohibit the opening, 

12 and prohibit or impose strict conditions on the main13 taining, in the United States of a correspondent ac14 count or a payable-through account by any foreign 

15 financial institution that knowingly conducts or fa16 cilitates any significant financial transaction with 

17 the Central Bank of Iran or any other Iranian finan18 cial institution included in the List of Specially Des19 ignated Nationals and Blocked Persons maintained 

20 by the Office of Foreign Assets Control of the De21 partment of the Treasury pursuant to the imposition 

22 of sanctions relating to Iran’s proliferation of weap23 ons of mass destruction or Iran’s support for inter24 national terrorism. 


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1 (2) WAIVER.—The President may, on a case2 by-case basis, waive the sanctions required by para3 graph (1) with respect to transactions the President 

4 determines are necessary to the national security in5 terests of the United States. 

6 SEC. 5. REPORTING REQUIREMENT. 

7 The President shall submit to the appropriate con8 gressional committees not later than 60 days after the 

9 date of the enactment of this Act, and every 180 days 

10 thereafter, a report that includes each of the following: 

11 (1) The progress of the Government of Iran in 

12 complying with international nuclear obligations. 

13 (2) The status of Iran’s support for inter14 national terrorism, including its financing and sup15 port of Hamas and other terrorist organizations. 

16 (3) Measures taken to impose and enforce the 

17 sanctions required by this Act. 

18 SEC. 6. SUNSET CLAUSE. 

19 This Act shall cease to have effect on date on which 

20 the President certifies to Congress that Iran has ceased 

21 to finance international terrorism. 

22 SEC. 7. DEFINITIONS. 

23 In this Act— 


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1 (1) APPROPRIATE CONGRESSIONAL COMMIT2 TEES.—The term ‘‘appropriate congressional com3 mittees’’ means— 

4 (A) the Committee on Foreign Affairs, the 

5 Committee on Financial Services, the Com6 mittee on Ways and Means, and the Permanent 

7 Select Committee on Intelligence of the House 

8 of Representatives; and 

9 (B) the Committee on Foreign Relations, 

10 the Committee on Banking, Housing, and 

11 Urban Affairs, the Committee on Finance, and 

12 the Select Committee on Intelligence of the 

13 Senate. 

14 (2) FOREIGN FINANCIAL INSTITUTION.—The 

15 term ‘‘foreign financial institution’’ has the meaning 

16 given that term in section 561.308 of title 31, Code 

17 of Federal Regulations. 

18 (3) FOREIGN PERSON.—The term ‘‘foreign per19 son’’ means a person who is not a United States 

20 person. 

21 (4) UNITED STATES PERSON.—The term 

22 ‘‘United States person’’ means— 

23 (A) a citizen or national of the United 

24 States or an alien lawfully admitted for perma25 nent residence to the United States; or 


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1 (B) an entity organized under the laws of 

2 the United States or any jurisdiction within the 

3 United States including a foreign branch of 

4 such an entity. 

Æ 


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