[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5994 Introduced in House (IH)]

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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 
  Committees on Financial Services, Ways and Means, and Oversight and 
   Accountability, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction 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 Representatives 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''.

SEC. 2. FULL ENFORCEMENT OF OIL SANCTIONS AGAINST IRAN.

    (a) In General.--The President shall make maximal 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 
products.
    (b) Certification Required.--Not later than 30 days after the date 
of the enactment of this Act, the President shall certify to the 
appropriate congressional committees 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 persons 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 unclassified form but may contain a 
classified annex.
    (e) Termination.--The requirement to submit determinations pursuant 
to subsection (c) shall terminate on the date on which the President 
certifies to the appropriate 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 Federation'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 result from compliance with section 
1247(d)(2)(B)(ii) of such Act (22 U.S.C. 8806g(d)(2)(B)(ii)) until the 
President certifies to the appropriate congressional committees that 
Iran has ended--
            (1) its practice of funding terrorist groups;
            (2) its pursuit of a nuclear weapons capability; and
            (3) its military support for the Russian Federation's war 
        against Ukraine.

SEC. 4. REINSTATEMENT OF SANCTIONS WITH RESPECT TO IRANIAN FUNDS 
              FORMERLY HELD IN ESCROW IN SOUTH KOREA.

    (a) In General.-- The waiver of sanctions, including 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 National 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 specific 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 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 
described 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 sections 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 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 maintained 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 
described 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.

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 available to Iran.
    (b) Instruction.--The Secretary of the Treasury shall instruct the 
Executive Director of International Monetary Fund to use the voice and 
vote of the United States to prevent Iran from gaining access to 
International Monetary Fund Special Drawing Rights.
    (c) Diplomacy.--The Secretary of the Treasury, in coordination with 
the Secretary of State shall seek to prevent Iran from trading, 
exchanging, or otherwise making use of International Monetary Fund 
Special Drawing Rights.

SEC. 7. APPROPRIATE CONGRESSIONAL COMMITTEES DEFINED.

    In this Act, the term ``appropriate congressional committees'' 
means--
            (1) the Committee on Foreign Affairs and the Committee on 
        Financial Services of the House of Representatives; and
            (2) the Committee on Foreign Relations and the Committee on 
        Banking, Housing, and Urban Affairs of the Senate.
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