IB 

Union Calendar No. 272 

118TH CONGRESS 

1ST SESSION H. R. 5923 

[Report No. 118–333] 

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 

DECEMBER 19, 2023 

Additional sponsors: Mr. FITZGERALD, Mr. HUIZENGA, Mr. GARBARINO, Ms. 

DE LA CRUZ, Mr. YAKYM, Mr. SESSIONS, and Mr. BARR

DECEMBER 19, 2023 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on October 11, 2023] 

2 

•HR 5923 RH

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. 

3 

•HR 5923 RH

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 ‘‘Iran-China Energy 

5 Sanctions Act of 2023’’. 

6 SEC. 2. SANCTIONS ON CHINESE FINANCIAL INSTITUTIONS 

7 THAT PURCHASE PETROLEUM PRODUCTS 

8 FROM IRAN. 

9 Section 1245(d) of the National Defense Authorization 

10 Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)) is amend11 ed— 

12 (1) by redesignating paragraph (5) as para13 graph (6); and 

14 (2) by inserting after paragraph (4) the fol15 lowing new paragraph: 

16 ‘‘(5) APPLICABILITY OF SANCTIONS WITH RE17 SPECT TO CHINESE FINANCIAL INSTITUTIONS.— 

18 ‘‘(A) IN GENERAL.—For the purpose of 

19 paragraph (1)(A), a ‘significant financial trans20 action’ includes any transaction by a Chinese fi21 nancial institution (without regard to the size, 

22 number, frequency, or nature of the transaction) 

23 involving the purchase of petroleum or petroleum 

24 products from Iran. 

4 

•HR 5923 RH

1 ‘‘(B) DETERMINATION REQUIRED.—Not 

2 later than 180 days after the date of the enact3 ment of this paragraph and every year thereafter 

4 for 5 years, the President shall— 

5 ‘‘(i) determine whether any Chinese fi6 nancial institution has engaged in a sig7 nificant financial transaction as described 

8 in paragraph (1)(A); and 

9 ‘‘(ii) transmit the determination under 

10 clause (i) to the Committee on Financial 

11 Services of the House of Representatives and 

12 the Committee on Banking, Housing, and 

13 Urban Affairs of the Senate.’’. 

Union Calendar No. 272 

118TH CONGRESS 

1ST SESSION H. R. 5923 

[Report No. 118–333] 

A BILL 

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

DECEMBER 19, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union,