This bill tightens sanctions against Iran by requiring the President to fully enforce existing oil sanctions and submit regular reports to Congress on Iranian oil sales every 30 days. The legislation blocks the President from waiving certain sanctions on Iranian funds previously held in escrow accounts in South Korea and Iraq, and reinstates sanctions on those funds by preventing U.S. financial institutions from processing transactions involving them. The bill also directs the Treasury Secretary to use U.S. influence at the International Monetary Fund to prevent Iran from accessing Special Drawing Rights, a form of international reserve currency. These sanctions requirements continue until Iran certifies it has ended funding terrorist groups, stopped pursuing nuclear weapons, and halted military support for Russia's invasion of Ukraine. The bill was referred to the House committees on Foreign Affairs, Financial Services, Ways and Means, and Oversight and Accountability in October 2023.
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