I 

118TH CONGRESS 

1ST SESSION H. R. 5994 

To provide for full enforcement of oil sanctions against Iran, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 19, 2023 

Mr. ISSA introduced the following bill 

OCTOBER 25, 2023 

Referred to the Committee on Foreign Affairs, and in addition to the Committees on Financial Services, Ways and Means, and Oversight and Accountability, 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 provide for full enforcement of oil sanctions against 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 ‘‘No Funds for Iran5 Backed Terror Act’’. 


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1 SEC. 2. FULL ENFORCEMENT OF OIL SANCTIONS AGAINST 

2 IRAN. 

3 (a) IN GENERAL.—The President shall make maxi4 mal use of sanctions authorities described in sections 

5 1244, 1246, and 1247 of the Iran Freedom and Counter6 Proliferation Act of 2012 (Public Law 112–239; 22 

7 U.S.C. 8803, 8805, and 8806) and section 1245 of the 

8 National Defense Authorization Act for Fiscal Year 2012 

9 (Public Law 112–81; 22 U.S.C. 8513a) with respect to 

10 the purchases of Iranian petroleum and petroleum prod11 ucts. 

12 (b) CERTIFICATION REQUIRED.—Not later than 30 

13 days after the date of the enactment of this Act, the Presi14 dent shall certify to the appropriate congressional commit15 tees that the President has used the authorities described 

16 in subsection (a) against all known target entities. 

17 (c) DETERMINATION REQUIRED.—Not later than 30 

18 days after the enactment of this Act and every 30 days 

19 thereafter, the President shall submit to the appropriate 

20 congressional committees a determination regarding per21 sons connected to the transfer of oil from Iran as to 

22 whether such persons constitute sanctionable entities 

23 under the authorities described in subsection (a). 

24 (d) FORM.—The certifications and determinations 

25 described in this section shall be submitted in an unclassi26 fied form but may contain a classified annex. 


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1 (e) TERMINATION.—The requirement to submit de2 terminations pursuant to subsection (c) shall terminate on 

3 the date on which the President certifies to the appro4 priate congressional committees that the Iran has ended— 

5 (1) its practice of funding terrorist; 

6 (2) its pursuit of a nuclear weapons capability; 

7 and 

8 (3) its military support for the Russian Federa9 tion’s war against Ukraine. 

10 SEC. 3. SUSPENSION OF WAIVER AUTHORITY ON ESCROW 

11 ACCOUNTS CREATED PURSUANT TO CERTAIN 

12 AUTHORITIES. 

13 The President may not exercise the waiver authority 

14 described in section 1244(i) of the Iran Freedom and 

15 Counter-Proliferation Act of 2012 (Public Law 112–239; 

16 22 U.S.C. 8803(i)) with respect to accounts holding funds 

17 which result from compliance with section 

18 1244(g)(2)(B)(ii)(II) of such Act (22 U.S.C. 

19 8803(g)(2)(B)(ii)(II)) and 1247(f) of such Act (22 U.S.C. 

20 8806(f)) with respect to accounts holding funds which re21 sult from compliance with section 1247(d)(2)(B)(ii) of 

22 such Act (22 U.S.C. 8806g(d)(2)(B)(ii)) until the Presi23 dent certifies to the appropriate congressional committees 

24 that Iran has ended— 

25 (1) its practice of funding terrorist groups; 


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1 (2) its pursuit of a nuclear weapons capability; 

2 and 

3 (3) its military support for the Russian Federa4 tion’s war against Ukraine. 

5 SEC. 4. REINSTATEMENT OF SANCTIONS WITH RESPECT TO 

6 IRANIAN FUNDS FORMERLY HELD IN ES7 CROW IN SOUTH KOREA. 

8 (a) IN GENERAL.— The waiver of sanctions, includ9 ing any waiver subject to the document entitled ‘‘Waiver 

10 of Sanctions with Respect to the Transfer of Funds from 

11 the Republic of Korea to Qatar’’ on funds held in South 

12 Korea on August 1, 2023, pursuant or in accordance with 

13 sections 1244(g)(2)(B)(ii)(II) and 1247(d)(2)(B)(ii) of 

14 the Iran Freedom and Counter-Proliferation Act of 2012 

15 (Public Law 112–239; 22 U.S.C. 8803(g)(2)(B)(ii)(II) 

16 and 8806(d)(2)(B)(ii)) or section 1245(d)(1) of the Na17 tional Defense Authorization Act of Fiscal Year 2012 

18 (Public Law 112–81; 22 U.S.C. 8513a(d)(1)) is hereby 

19 canceled. 

20 (b) CANCELLATION OF LICENSES.—General or spe21 cific licenses, comfort letters, frequently asked questions, 

22 or other such exemption issued in connection with waivers 

23 issued under subsection (a) is hereby cancelled. 

24 (c) REIMPOSITION OF SANCTIONS.—The President 

25 shall, pursuant to the International Emergency Economic 


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1 Powers Act (50 U.S.C. 1701 et seq.), block and prohibit 

2 all transactions in all property and interests in property 

3 of any financial institution which process, participates in, 

4 or facilitates a transaction with respect to the funds de5 scribed in subsection (a) after the date of enactment of 

6 this Act if such property and interests in property are in 

7 the United States, come within the United States, or are 

8 or come within the possession or control of a United 

9 States person. 

10 SEC. 5. REINSTATEMENT OF SANCTIONS IMPOSED WITH 

11 RESPECT TO IRANIAN FUNDS FORMERLY 

12 HELD IN ESCROW IN IRAQ. 

13 (a) IN GENERAL.—On the date of enactment of this 

14 Act, the following measures shall be terminated: 

15 (1) Waivers exercised on or after January 1, 

16 2023, pursuant to section 1245(d) of the National 

17 Defense Authorization Act for Fiscal Year 2012 

18 (Public Law 112–81; 22 U.S.C. 8513a(d)) and sec19 tions 1244(i) and 1247(f) of the Iran Freedom and 

20 Counter-Proliferation Act of 2012 (Public Law 112– 

21 239; 22 U.S.C. 8803(i) and 8806(f)) with respect to 

22 the covered funds described in subsection (c). 

23 (2) Any general or specific license issue by the 

24 Office of Foreign Asset Control at the Department 


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1 of the Treasury directly or indirectly related to the 

2 funds cited in paragraphs (1). 

3 (b) LIMITATION.—The President may not reissue any 

4 new waiver or license described in paragraph (1) or (2) 

5 of subsection (a) for the same or similar purposes. 

6 (c) COVERED FUNDS DESCRIBED.—The covered 

7 funds described in this subsection are funds held in Iraq 

8 or owed to Iran or Iranian institutions by Iraq on January 

9 1, 2023, including funds in accounts established or main10 tained pursuant to or in accordance with sections 

11 1244(g)–(h) and 1247(d)–(e) of the Iran Freedom and 

12 Counter-Proliferation Act of 2012 (Public Law 112–239; 

13 22 U.S.C. 8803(g)–(h) and 8806(d)–(e)). 

14 (d) REIMPOSITION OF SANCTIONS.—The President 

15 shall, pursuant to the International Emergency Economic 

16 Powers Act (50 U.S.C. 1701 et seq.), block and prohibit 

17 all transactions in all property and interests in property 

18 of any financial institution which process, participates in, 

19 or facilitates a transaction with respect to the funds de20 scribed in subsection (c) after the date of enactment of 

21 this Act if such property and interests in property are in 

22 the United States, come within the United States, or are 

23 or come within the possession or control of a United 

24 States person. 


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1 SEC. 6. BLOCKING IRAN’S ACCESS TO SPECIAL DRAWING 

2 RIGHTS. 

3 (a) IN GENERAL.—Section 1621 of the International 

4 Financial Institutions Act (22 U.S.C. 262p–4q) shall be 

5 understood to cover International Monetary Fund Special 

6 Drawing Rights that are available or may be made avail7 able to Iran. 

8 (b) INSTRUCTION.—The Secretary of the Treasury 

9 shall instruct the Executive Director of International Mon10 etary Fund to use the voice and vote of the United States 

11 to prevent Iran from gaining access to International Mon12 etary Fund Special Drawing Rights. 

13 (c) DIPLOMACY.—The Secretary of the Treasury, in 

14 coordination with the Secretary of State shall seek to pre15 vent Iran from trading, exchanging, or otherwise making 

16 use of International Monetary Fund Special Drawing 

17 Rights. 

18 SEC. 7. APPROPRIATE CONGRESSIONAL COMMITTEES DE19 FINED. 

20 In this Act, the term ‘‘appropriate congressional com21 mittees’’ means— 

22 (1) the Committee on Foreign Affairs and the 

23 Committee on Financial Services of the House of 

24 Representatives; and 


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1 (2) the Committee on Foreign Relations and 

2 the Committee on Banking, Housing, and Urban Af3 fairs of the Senate. 

Æ 


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