118THCONGRESS
2
DSESSION H. R. 5923
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.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2 2
•HR 5923 EH
SECTION 1. SHORT TITLE. 1
This Act may be cited as the ‘‘Iran-China Energy 2
Sanctions Act of 2023’’. 3
SEC. 2. SANCTIONS ON FOREIGN FINANCIAL INSTITUTIONS 4
WITH RESPECT TO THE PURCHASE OF PE-5
TROLEUM PRODUCTS AND UNMANNED AER-6
IAL VEHICLES FROM IRAN. 7
Section 1245(d) of the National Defense Authoriza-8
tion Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)) is 9
amended— 10
(1) by redesignating paragraph (5) as para-11
graph (6); and 12
(2) by inserting after paragraph (4) the fol-13
lowing new paragraph: 14
‘‘(5) A
PPLICABILITY OF SANCTIONS WITH RE -15
SPECT TO CHINESE FINANCIAL INSTITUTIONS .— 16
‘‘(A) I
N GENERAL.—For the purpose of 17
paragraph (1)(A), a ‘significant financial trans-18
action’ includes any transaction— 19
‘‘(i) by a Chinese financial institution 20
(without regard to the size, number, fre-21
quency, or nature of the transaction) in-22
volving the purchase of petroleum or petro-23
leum products from Iran; and 24
‘‘(ii) by a foreign financial institution 25
(without regard to the size, number, fre-26 3
•HR 5923 EH
quency, or nature of the transaction) in-1
volving the purchase of Iranian unmanned 2
aerial vehicles (UAVs), UAV parts, or re-3
lated systems. 4
‘‘(B) D
ETERMINATION REQUIRED .—Not 5
later than 180 days after the date of the enact-6
ment of this paragraph and every year there-7
after for 5 years, the President shall— 8
‘‘(i) determine whether any— 9
‘‘(I) Chinese financial institution 10
has engaged in a significant financial 11
transaction as described in paragraph 12
(1)(A)(i); and 13
‘‘(II) financial institution has en-14
gaged in a significant financial trans-15
action as described in paragraph 16
(1)(A)(ii); and 17
‘‘(ii) transmit the determination under 18
clause (i) to the Committee on Financial 19
Services of the House of Representatives 20 4
•HR 5923 EH
and the Committee on Banking, Housing, 1
and Urban Affairs of the Senate.’’. 2
Passed the House of Representatives April 15, 2024.
Attest:
Clerk. 118
TH
CONGRESS
2
D
S
ESSION
H. R. 5923
AN ACT
To impose restrictions on correspondent and pay-
able-through accounts in the United States with
respect to Chinese financial institutions that con-
duct transactions involving the purchase of petro-
leum or petroleum products from Iran.