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New Sanctions on Financial Institutions for Iran Oil Trade

This act introduces new rules for banks, especially Chinese ones, that conduct transactions involving the purchase of petroleum or petroleum products from Iran. The goal is to limit Iran's financing by hindering its oil and drone trade. For citizens, this means the U.S. government is strengthening its foreign policy actions, which could indirectly affect global energy markets and international stability.
Key points
Chinese banks trading Iranian oil may face sanctions, regardless of transaction size.
Other foreign banks trading Iranian drones or parts may also face sanctions.
The U.S. President will regularly assess and report to Congress on banks subject to these sanctions.
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VOTING RESULTS
2024-04-15
97%
For 383
Against 11
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_5923
Sponsor: Rep. Lawler, Michael [R-NY-17]
Process start date: 2023-10-25
Voting date: 2024-04-15
Meeting no: 2
Voting no: 122
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Iran-China Energy Sanctions Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5923.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-10-25.

What are the main provisions?

Key points include:

  • Chinese banks trading Iranian oil may face sanctions, regardless of transaction size.
  • Other foreign banks trading Iranian drones or parts may also face sanctions.
  • The U.S. President will regularly assess and report to Congress on banks subject to these sanctions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Lawler, Michael [R-NY-17].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 383 - 11 (Roll no. 122). (text: CR H2374)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Security