I
118THCONGRESS
1
STSESSION 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
OCTOBER11, 2023
Mr. L
AWLER(for himself, Mr. GOTTHEIMER, Mr. DONALDS, and Mr.
L
OUDERMILK) introduced the following bill
O
CTOBER25, 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 Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Iran-China Energy 4
Sanctions Act of 2023’’. 5
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•HR 5923 IH
SEC. 2. SANCTIONS ON CHINESE FINANCIAL INSTITUTIONS 1
THAT PURCHASE PETROLEUM PRODUCTS 2
FROM IRAN. 3
Section 1245(d) of the National Defense Authoriza-4
tion Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)) is 5
amended— 6
(1) by redesignating paragraph (5) as para-7
graph (6); and 8
(2) by inserting after paragraph (4) the fol-9
lowing new paragraph: 10
‘‘(5) A
PPLICABILITY OF SANCTIONS WITH RE -11
SPECT TO CHINESE FINANCIAL INSTITUTIONS .—For 12
the purpose of paragraph (1)(A), a ‘significant fi-13
nancial transaction’ includes any transaction by a 14
Chinese financial institution involving the purchase 15
of petroleum or petroleum products from Iran. 16
‘‘(A) D
ETERMINATION REQUIRED .—Not 17
later than 180 days after the date of the enact-18
ment of this paragraph and every year there-19
after for 5 years, the President shall— 20
‘‘(i) determine whether any Chinese fi-21
nancial institution has engaged in a signifi-22
cant financial transaction as described in 23
paragraph (1)(A); and 24
‘‘(ii) transmit the determination under 25
clause (i) to the Committee on Financial 26
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•HR 5923 IH
Services of the House of Representatives 1
and the Committee on Banking, Housing, 2
and Urban Affairs of the Senate.’’. 3
Æ
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