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Strengthening Oil Sanctions Against Iran and Blocking Funds

This act aims for full enforcement of oil sanctions against Iran to curb its funding of terrorism, pursuit of nuclear weapons, and support for Russia's war against Ukraine. Citizens may experience indirect effects on international stability and foreign policy, but direct consequences for their daily lives are minimal.
Key points
The U.S. President must fully utilize existing oil sanctions against Iran and regularly report to Congress on their implementation.
The President's authority to waive funds from Iranian escrow accounts is suspended, and sanctions on funds in South Korea and Iraq are reinstated.
Iran's access to International Monetary Fund Special Drawing Rights (SDRs) will be blocked to limit its financial capabilities.
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Status:
Expired
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Additional Information
Print number: 118_HR_5994
Sponsor: Rep. Issa, Darrell E. [R-CA-48]
Process start date: 2023-10-25
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

No Funds for Iran-Backed Terror Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5994.

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:

  • The U.S. President must fully utilize existing oil sanctions against Iran and regularly report to Congress on their implementation.
  • The President's authority to waive funds from Iranian escrow accounts is suspended, and sanctions on funds in South Korea and Iraq are reinstated.
  • Iran's access to International Monetary Fund Special Drawing Rights (SDRs) will be blocked to limit its financial capabilities.
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

Who is the primary sponsor?

The primary sponsor is Rep. Issa, Darrell E. [R-CA-48].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Trade.

Is this summary verified?

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

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Security