H.R. 5923 — what changed
Iran-China Energy Sanctions Act of 2023
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
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—
changed
“(5) Applicability of sanctions with respect to Chinese financial institutions—For the purpose of paragraph (1)(A), a “significant financial transaction” includes any transaction by a Chinese financial institution involving the purchase of petroleum or petroleum products from Iran.institutions
changed
“(A) Determination Required—Not later than 180 days after In general—For the date purpose of paragraph (1)(A), a “significant financial transaction” includes any transaction by a Chinese financial institution (without regard to the enactment size, number, frequency, or nature of this paragraph and every year thereafter for 5 years, the President shall—transaction) involving the purchase of petroleum or petroleum products from Iran.
added “(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
“(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.”