In House Committee·Last action 743 days ago

Bill would tighten sanctions on banks tied to Iranian oil and drones

Officially: Iran-China Energy Sanctions Act of 2023

Chinese banks involved in buying Iranian oil could more easily lose access to key U.S. banking accounts. Foreign banks involved in buying Iranian drones or drone parts could face the same risk. The President would have to make regular findings and send them to Congress.

Where it stands

Sitting in House Committee

No vote scheduled. Constituent contact is what moves bills out of committee.

What this bill actually does

Any Chinese bank that helps buy Iranian oil or other petroleum products would automatically count as doing a significant financial transaction. That rule applies no matter how small the deal is or how often it happens.
Any foreign bank involved in buying Iranian drones, drone parts, or related systems would also be treated as doing a significant financial transaction.
The bill changes an existing sanctions law. It amends Section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012, found at 22 U.S.C. 8513a(d).

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Where this bill is in the process

Legislative timeline

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Introduced

Introduced in House

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House Committee

Under House committee consideration

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House Floor Vote

Voted on by House

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Passed House

Approved by House

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Senate Review

Sent to Senate for consideration

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Passed Both Chambers

Approved by both House and Senate

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Signed into Law

Signed by the President

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Bill would tighten sanctions on banks tied to Iranian oil and drones

Legislative timeline

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