H.R. 5923 — Engrossed in House

118th CONGRESS 2d Session 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. 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.Clerk.