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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5923 Engrossed in House (EH)]

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118th CONGRESS
  2d Session
                                H. R. 5923

_______________________________________________________________________

                                 AN ACT

 
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 FOREIGN FINANCIAL INSTITUTIONS WITH RESPECT TO THE 
              PURCHASE OF PETROLEUM PRODUCTS AND UNMANNED AERIAL 
              VEHICLES 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.--
                    ``(A) In general.--For the purpose of paragraph 
                (1)(A), a `significant financial transaction' includes 
                any transaction--
                            ``(i) by a Chinese financial institution 
                        (without regard to the size, number, frequency, 
                        or nature of the transaction) involving the 
                        purchase of petroleum or petroleum products 
                        from Iran; and
                            ``(ii) by a foreign financial institution 
                        (without regard to the size, number, frequency, 
                        or nature of the transaction) involving the 
                        purchase of Iranian unmanned aerial vehicles 
                        (UAVs), UAV parts, or related systems.
                    ``(B) 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--
                                    ``(I) Chinese financial institution 
                                has engaged in a significant financial 
                                transaction as described in paragraph 
                                (1)(A)(i); and
                                    ``(II) financial institution has 
                                engaged in a significant financial 
                                transaction as described in paragraph 
                                (1)(A)(ii); 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.''.

            Passed the House of Representatives April 15, 2024.

            Attest:

                                                                 Clerk.
118th CONGRESS

  2d Session

                               H. R. 5923

_______________________________________________________________________

                                 AN ACT

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.
```