[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5994 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 5994
To provide for full enforcement of oil sanctions against Iran, and for
other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 19, 2023
Mr. Issa introduced the following bill
October 25, 2023
Referred to the Committee on Foreign Affairs, and in addition to the
Committees on Financial Services, Ways and Means, and Oversight and
Accountability, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To provide for full enforcement of oil sanctions against Iran, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``No Funds for Iran-Backed Terror
Act''.
SEC. 2. FULL ENFORCEMENT OF OIL SANCTIONS AGAINST IRAN.
(a) In General.--The President shall make maximal use of sanctions
authorities described in sections 1244, 1246, and 1247 of the Iran
Freedom and Counter-Proliferation Act of 2012 (Public Law 112-239; 22
U.S.C. 8803, 8805, and 8806) and section 1245 of the National Defense
Authorization Act for Fiscal Year 2012 (Public Law 112-81; 22 U.S.C.
8513a) with respect to the purchases of Iranian petroleum and petroleum
products.
(b) Certification Required.--Not later than 30 days after the date
of the enactment of this Act, the President shall certify to the
appropriate congressional committees that the President has used the
authorities described in subsection (a) against all known target
entities.
(c) Determination Required.--Not later than 30 days after the
enactment of this Act and every 30 days thereafter, the President shall
submit to the appropriate congressional committees a determination
regarding persons connected to the transfer of oil from Iran as to
whether such persons constitute sanctionable entities under the
authorities described in subsection (a).
(d) Form.--The certifications and determinations described in this
section shall be submitted in an unclassified form but may contain a
classified annex.
(e) Termination.--The requirement to submit determinations pursuant
to subsection (c) shall terminate on the date on which the President
certifies to the appropriate congressional committees that the Iran has
ended--
(1) its practice of funding terrorist;
(2) its pursuit of a nuclear weapons capability; and
(3) its military support for the Russian Federation's war
against Ukraine.
SEC. 3. SUSPENSION OF WAIVER AUTHORITY ON ESCROW ACCOUNTS CREATED
PURSUANT TO CERTAIN AUTHORITIES.
The President may not exercise the waiver authority described in
section 1244(i) of the Iran Freedom and Counter-Proliferation Act of
2012 (Public Law 112-239; 22 U.S.C. 8803(i)) with respect to accounts
holding funds which result from compliance with section
1244(g)(2)(B)(ii)(II) of such Act (22 U.S.C. 8803(g)(2)(B)(ii)(II)) and
1247(f) of such Act (22 U.S.C. 8806(f)) with respect to accounts
holding funds which result from compliance with section
1247(d)(2)(B)(ii) of such Act (22 U.S.C. 8806g(d)(2)(B)(ii)) until the
President certifies to the appropriate congressional committees that
Iran has ended--
(1) its practice of funding terrorist groups;
(2) its pursuit of a nuclear weapons capability; and
(3) its military support for the Russian Federation's war
against Ukraine.
SEC. 4. REINSTATEMENT OF SANCTIONS WITH RESPECT TO IRANIAN FUNDS
FORMERLY HELD IN ESCROW IN SOUTH KOREA.
(a) In General.-- The waiver of sanctions, including any waiver
subject to the document entitled ``Waiver of Sanctions with Respect to
the Transfer of Funds from the Republic of Korea to Qatar'' on funds
held in South Korea on August 1, 2023, pursuant or in accordance with
sections 1244(g)(2)(B)(ii)(II) and 1247(d)(2)(B)(ii) of the Iran
Freedom and Counter-Proliferation Act of 2012 (Public Law 112-239; 22
U.S.C. 8803(g)(2)(B)(ii)(II) and 8806(d)(2)(B)(ii)) or section
1245(d)(1) of the National Defense Authorization Act of Fiscal Year
2012 (Public Law 112-81; 22 U.S.C. 8513a(d)(1)) is hereby canceled.
(b) Cancellation of Licenses.--General or specific licenses,
comfort letters, frequently asked questions, or other such exemption
issued in connection with waivers issued under subsection (a) is hereby
cancelled.
(c) Reimposition of Sanctions.--The President shall, pursuant to
the International Emergency Economic Powers Act (50 U.S.C. 1701 et
seq.), block and prohibit all transactions in all property and
interests in property of any financial institution which process,
participates in, or facilitates a transaction with respect to the funds
described in subsection (a) after the date of enactment of this Act if
such property and interests in property are in the United States, come
within the United States, or are or come within the possession or
control of a United States person.
SEC. 5. REINSTATEMENT OF SANCTIONS IMPOSED WITH RESPECT TO IRANIAN
FUNDS FORMERLY HELD IN ESCROW IN IRAQ.
(a) In General.--On the date of enactment of this Act, the
following measures shall be terminated:
(1) Waivers exercised on or after January 1, 2023, pursuant
to section 1245(d) of the National Defense Authorization Act
for Fiscal Year 2012 (Public Law 112-81; 22 U.S.C. 8513a(d))
and sections 1244(i) and 1247(f) of the Iran Freedom and
Counter-Proliferation Act of 2012 (Public Law 112-239; 22
U.S.C. 8803(i) and 8806(f)) with respect to the covered funds
described in subsection (c).
(2) Any general or specific license issue by the Office of
Foreign Asset Control at the Department of the Treasury
directly or indirectly related to the funds cited in paragraphs
(1).
(b) Limitation.--The President may not reissue any new waiver or
license described in paragraph (1) or (2) of subsection (a) for the
same or similar purposes.
(c) Covered Funds Described.--The covered funds described in this
subsection are funds held in Iraq or owed to Iran or Iranian
institutions by Iraq on January 1, 2023, including funds in accounts
established or maintained pursuant to or in accordance with sections
1244(g)-(h) and 1247(d)-(e) of the Iran Freedom and Counter-
Proliferation Act of 2012 (Public Law 112-239; 22 U.S.C. 8803(g)-(h)
and 8806(d)-(e)).
(d) Reimposition of Sanctions.--The President shall, pursuant to
the International Emergency Economic Powers Act (50 U.S.C. 1701 et
seq.), block and prohibit all transactions in all property and
interests in property of any financial institution which process,
participates in, or facilitates a transaction with respect to the funds
described in subsection (c) after the date of enactment of this Act if
such property and interests in property are in the United States, come
within the United States, or are or come within the possession or
control of a United States person.
SEC. 6. BLOCKING IRAN'S ACCESS TO SPECIAL DRAWING RIGHTS.
(a) In General.--Section 1621 of the International Financial
Institutions Act (22 U.S.C. 262p-4q) shall be understood to cover
International Monetary Fund Special Drawing Rights that are available
or may be made available to Iran.
(b) Instruction.--The Secretary of the Treasury shall instruct the
Executive Director of International Monetary Fund to use the voice and
vote of the United States to prevent Iran from gaining access to
International Monetary Fund Special Drawing Rights.
(c) Diplomacy.--The Secretary of the Treasury, in coordination with
the Secretary of State shall seek to prevent Iran from trading,
exchanging, or otherwise making use of International Monetary Fund
Special Drawing Rights.
SEC. 7. APPROPRIATE CONGRESSIONAL COMMITTEES DEFINED.
In this Act, the term ``appropriate congressional committees''
means--
(1) the Committee on Foreign Affairs and the Committee on
Financial Services of the House of Representatives; and
(2) the Committee on Foreign Relations and the Committee on
Banking, Housing, and Urban Affairs of the Senate.
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