Iran-China Energy Sanctions Act of 2023

Bill: 118-hr-5923
Sponsor: full_name: Rep. Lawler, Michael [R-NY-17]
Introduced: 2023-10-11
Policy area: International Affairs
Subjects: Asia

China

Congressional oversight

Foreign property

Iran

Middle East

Oil and gas

Sanctions
Latest action: action_date: 2024-04-16
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-12-19
action_desc: Reported to House
text: <p><b>Iran-China Energy Sanctions Act of 2023</b></p> <p>This bill requires the President to periodically determine whether any Chinese financial institution has engaged in the purchase of petroleum or petroleum products from Iran. U.S. financial institutions shall not open or maintain certain accounts with such Chinese financial institutions. </p>

action_date: 2023-12-19
action_desc: Introduced in House
text: <p><b>Iran-China Energy Sanctions Act of 2023</b></p> <p>This bill requires the President to periodically determine whether any Chinese financial institution has engaged in the purchase of petroleum or petroleum products from Iran. U.S. financial institutions shall not open or maintain certain accounts with such Chinese financial institutions. </p>

tv_txt: IIB 118th CONGRESS 2d Session H. R. 5923 IN THE SENATE OF THE UNITED STATES April 16, 2024 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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.

1. Short title This Act may be cited as the Iran-China Energy Sanctions Act of 2023 . 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. Kevin F. McCumber, Clerk.

tv_txt: IB 118th CONGRESS 2d Session H. R. 5923 IN THE HOUSE OF REPRESENTATIVES 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.

1. Short title This Act may be cited as the Iran-China Energy Sanctions Act of 2023 . 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. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 272 118th CONGRESS 1st Session H. R. 5923 [Report No. 118–333] 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 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.

1. Short title This Act may be cited as the Iran-China Energy Sanctions Act of 2023 . 2. Sanctions on Chinese financial institutions that purchase petroleum products 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 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. (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 Chinese financial institution has engaged in a significant financial transaction as described in paragraph (1)(A); 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. .

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

tv_txt: I 118th CONGRESS 1st Session H. R. 5923 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 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.

1. Short title This Act may be cited as the Iran-China Energy Sanctions Act of 2023 . 2. Sanctions on Chinese financial institutions that purchase petroleum products 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 For the purpose of paragraph (1)(A), a significant financial transaction includes any transaction by a Chinese financial institution involving the purchase of petroleum or petroleum products from Iran. (A) 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 Chinese financial institution has engaged in a significant financial transaction as described in paragraph (1)(A); 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. .