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U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-333
IRAN-CHINA ENERGY SANCTIONS ACT OF 2023
DECEMBER 19, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 5923]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5923) to impose restrictions on correspondent and pay-
able-through accounts in the United States with respect to Chinese
financial institutions that conduct transactions involving the pur-
chase of petroleum or petroleum products from Iran, having consid-
ered the same, reports favorably thereon with an amendment and
recommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
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 INSTI-
TUTIONS.-
(A) IN GENERAL.-For the purpose of paragraph (1)(A), a 'significant fi-
nancial transaction' includes any transaction by a Chinese financial institu-
tion (without regard to the size, number, frequency, or nature of the trans-
action) involving the purchase of petroleum or petroleum products from
Iran.
(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 Chinese financial institution has engaged
in a significant financial transaction as described in paragraph (1)(A);
and
49-006](ViewImageLocal?handle=hein.congrecreports/crptxafwb0001&div=1&collection=&method=preview&ext=.png&size=3)