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 Commit-
tees on Financial Services, Ways and Means, and Oversight and Account-
ability, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
A BILL 
To provide for full enforcement of oil sanctions against Iran, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘No Funds for Iran- 
Backed Terror Act’’. 
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SEC. 2. FULL ENFORCEMENT OF OIL SANCTIONS AGAINST 
IRAN. 
(a) IN GENERAL.—The President shall make maxi-
mal use of sanctions authorities described in sections 
1244, 1246, and 1247 of the Iran Freedom and Counter- 
Proliferation Act of 2012 (Public Law 112–239; 22 
U.S.C. 8803, 8805, and 8806) and section 1245 of the 
National Defense Authorization Act for Fiscal Year 2012 
(Public Law 112–81; 22 U.S.C. 8513a) with respect to 
the purchases of Iranian petroleum and petroleum prod-
ucts. 
(b) CERTIFICATION REQUIRED.—Not later than 30 
days after the date of the enactment of this Act, the Presi-
dent shall certify to the appropriate congressional commit-
tees that the President has used the authorities described 
in subsection (a) against all known target entities. 
(c) DETERMINATION REQUIRED.—Not later than 30 
days after the enactment of this Act and every 30 days 
thereafter, the President shall submit to the appropriate 
congressional committees a determination regarding per-
sons connected to the transfer of oil from Iran as to 
whether such persons constitute sanctionable entities 
under the authorities described in subsection (a). 
(d) FORM.—The certifications and determinations 
described in this section shall be submitted in an unclassi-
fied form but may contain a classified annex. 
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(e) TERMINATION.—The requirement to submit de-
terminations pursuant to subsection (c) shall terminate on 
the date on which the President certifies to the appro-
priate congressional committees that the Iran has ended— 
(1) its practice of funding terrorist; 
(2) its pursuit of a nuclear weapons capability; 
and 
(3) its military support for the Russian Federa-
tion’s war against Ukraine. 
SEC. 3. SUSPENSION OF WAIVER AUTHORITY ON ESCROW 
ACCOUNTS CREATED PURSUANT TO CERTAIN 
AUTHORITIES. 
The President may not exercise the waiver authority 
described in section 1244(i) of the Iran Freedom and 
Counter-Proliferation Act of 2012 (Public Law 112–239; 
22 U.S.C. 8803(i)) with respect to accounts holding funds 
which 
result 
from 
compliance 
with 
section 
1244(g)(2)(B)(ii)(II) 
of 
such 
Act 
(22 
U.S.C. 
8803(g)(2)(B)(ii)(II)) and 1247(f) of such Act (22 U.S.C. 
8806(f)) with respect to accounts holding funds which re-
sult from compliance with section 1247(d)(2)(B)(ii) of 
such Act (22 U.S.C. 8806g(d)(2)(B)(ii)) until the Presi-
dent certifies to the appropriate congressional committees 
that Iran has ended— 
(1) its practice of funding terrorist groups; 
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(2) its pursuit of a nuclear weapons capability; 
and 
(3) its military support for the Russian Federa-
tion’s war against Ukraine. 
SEC. 4. REINSTATEMENT OF SANCTIONS WITH RESPECT TO 
IRANIAN FUNDS FORMERLY HELD IN ES-
CROW IN SOUTH KOREA. 
(a) IN GENERAL.— The waiver of sanctions, includ-
ing any waiver subject to the document entitled ‘‘Waiver 
of Sanctions with Respect to the Transfer of Funds from 
the Republic of Korea to Qatar’’ on funds held in South 
Korea on August 1, 2023, pursuant or in accordance with 
sections 1244(g)(2)(B)(ii)(II) and 1247(d)(2)(B)(ii) of 
the Iran Freedom and Counter-Proliferation Act of 2012 
(Public Law 112–239; 22 U.S.C. 8803(g)(2)(B)(ii)(II) 
and 8806(d)(2)(B)(ii)) or section 1245(d)(1) of the Na-
tional Defense Authorization Act of Fiscal Year 2012 
(Public Law 112–81; 22 U.S.C. 8513a(d)(1)) is hereby 
canceled. 
(b) CANCELLATION OF LICENSES.—General or spe-
cific licenses, comfort letters, frequently asked questions, 
or other such exemption issued in connection with waivers 
issued under subsection (a) is hereby cancelled. 
(c) REIMPOSITION OF SANCTIONS.—The President 
shall, pursuant to the International Emergency Economic 
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Powers Act (50 U.S.C. 1701 et seq.), block and prohibit 
all transactions in all property and interests in property 
of any financial institution which process, participates in, 
or facilitates a transaction with respect to the funds de-
scribed in subsection (a) after the date of enactment of 
this Act if such property and interests in property are in 
the United States, come within the United States, or are 
or come within the possession or control of a United 
States person. 
SEC. 5. REINSTATEMENT OF SANCTIONS IMPOSED WITH 
RESPECT TO IRANIAN FUNDS FORMERLY 
HELD IN ESCROW IN IRAQ. 
(a) IN GENERAL.—On the date of enactment of this 
Act, the following measures shall be terminated: 
(1) Waivers exercised on or after January 1, 
2023, pursuant to section 1245(d) of the National 
Defense Authorization Act for Fiscal Year 2012 
(Public Law 112–81; 22 U.S.C. 8513a(d)) and sec-
tions 1244(i) and 1247(f) of the Iran Freedom and 
Counter-Proliferation Act of 2012 (Public Law 112– 
239; 22 U.S.C. 8803(i) and 8806(f)) with respect to 
the covered funds described in subsection (c). 
(2) Any general or specific license issue by the 
Office of Foreign Asset Control at the Department 
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of the Treasury directly or indirectly related to the 
funds cited in paragraphs (1). 
(b) LIMITATION.—The President may not reissue any 
new waiver or license described in paragraph (1) or (2) 
of subsection (a) for the same or similar purposes. 
(c) COVERED
FUNDS
DESCRIBED.—The covered 
funds described in this subsection are funds held in Iraq 
or owed to Iran or Iranian institutions by Iraq on January 
1, 2023, including funds in accounts established or main-
tained pursuant to or in accordance with sections 
1244(g)–(h) and 1247(d)–(e) of the Iran Freedom and 
Counter-Proliferation Act of 2012 (Public Law 112–239; 
22 U.S.C. 8803(g)–(h) and 8806(d)–(e)). 
(d) REIMPOSITION OF SANCTIONS.—The President 
shall, pursuant to the International Emergency Economic 
Powers Act (50 U.S.C. 1701 et seq.), block and prohibit 
all transactions in all property and interests in property 
of any financial institution which process, participates in, 
or facilitates a transaction with respect to the funds de-
scribed in subsection (c) after the date of enactment of 
this Act if such property and interests in property are in 
the United States, come within the United States, or are 
or come within the possession or control of a United 
States person. 
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SEC. 6. BLOCKING IRAN’S ACCESS TO SPECIAL DRAWING 
RIGHTS. 
(a) IN GENERAL.—Section 1621 of the International 
Financial Institutions Act (22 U.S.C. 262p–4q) shall be 
understood to cover International Monetary Fund Special 
Drawing Rights that are available or may be made avail-
able to Iran. 
(b) INSTRUCTION.—The Secretary of the Treasury 
shall instruct the Executive Director of International Mon-
etary Fund to use the voice and vote of the United States 
to prevent Iran from gaining access to International Mon-
etary Fund Special Drawing Rights. 
(c) DIPLOMACY.—The Secretary of the Treasury, in 
coordination with the Secretary of State shall seek to pre-
vent Iran from trading, exchanging, or otherwise making 
use of International Monetary Fund Special Drawing 
Rights. 
SEC. 7. APPROPRIATE CONGRESSIONAL COMMITTEES DE-
FINED. 
In this Act, the term ‘‘appropriate congressional com-
mittees’’ means— 
(1) the Committee on Foreign Affairs and the 
Committee on Financial Services of the House of 
Representatives; and 
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(2) the Committee on Foreign Relations and 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate. 
Æ 
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