To restore and require the imposition of certain sanctions previously waived with respect to Iran, and for other purposes.
About This Bill
Committee
Latest Action · October 30, 2023
Referred to the Committee on Foreign Affairs, and in addition to the Committee on Financial Services, 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.
This bill would restore and enforce comprehensive economic sanctions against Iran, specifically targeting the country's oil exports and financial sector. The legislation prohibits foreign companies and financial institutions from conducting oil transactions with Iran or maintaining banking relationships with Iranian financial institutions, with penalties enforced through existing economic powers laws. The bill includes limited exceptions allowing the President to grant case-by-case waivers for national security reasons or humanitarian transactions involving food, medicine, and agricultural products, though any such waivers must be reported to Congress. The President would be required to submit progress reports to Congress every 180 days on Iran's compliance with international obligations and its funding of terrorist organizations like Hamas. The sanctions would remain in effect until the President certifies that Iran has ceased financing international terrorism.
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