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

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118th CONGRESS
  1st Session
                                H. R. 5923

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

_______________________________________________________________________

                                 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.

    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 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.''.
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