H.R. 5923House118th Congress (2023-2025)Passed House

Iran-China Energy Sanctions Act of 2023

AI-Generated Summary

Updated January 20, 2026 at 12:13 PM UTC

The Iran-China Energy Sanctions Act of 2023 amends a 2012 defense authorization provision to impose U.S. sanctions on Chinese financial institutions that handle purchases of Iranian petroleum or petroleum products, and on foreign institutions that buy Iranian unmanned aerial vehicles (UAVs) and related parts. It requires the President to assess annually for five years whether such institutions have engaged in these transactions and to report the findings to the relevant House and Senate committees. The bill primarily affects Chinese banks and other foreign banks involved in Iran‑related energy and UAV transactions.

Key Provisions

Defines a “significant financial transaction” to include any purchase of Iranian petroleum or petroleum products by a Chinese financial institution, regardless of size or frequency.
Extends sanctions to foreign financial institutions that purchase Iranian UAVs, UAV parts, or related systems, regardless of transaction size or frequency.
Requires the President to determine within 180 days of enactment and then each year for five years whether any Chinese or foreign financial institution has engaged in these transactions.
Mandates that the President transmit the annual determinations to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs.

Legislative Activity

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14 earlier actions

SenateIntro Referral Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

April 16, 2024

View full timeline

HouseIntro Referral

Introduced in House

October 11, 2023

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

October 25, 2023

HouseCommittee

Committee Consideration and Mark-up Session Held

Financial Services Committee

November 14, 2023

HouseCommittee

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 47 - 0.

Financial Services Committee

November 14, 2023

HouseCommittee

Reported (Amended) by the Committee on Financial Services. H. Rept. 118-333.

Financial Services Committee

December 19, 2023

HouseCalendars

Placed on the Union Calendar, Calendar No. 272.

December 19, 2023

HouseFloor

Mr. McHenry moved to suspend the rules and pass the bill, as amended.

April 15, 2024 • 5:11 PM

HouseFloor

Considered under suspension of the rules. (consideration: CR H2374-2376)

April 15, 2024 • 5:11 PM

HouseFloor

DEBATE - The House proceeded with forty minutes of debate on H.R. 5923.

April 15, 2024 • 5:11 PM

HouseFloor

At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

April 15, 2024 • 5:25 PM

HouseFloor

Considered as unfinished business. (consideration: CR H2383-2384)

April 15, 2024 • 7:10 PM

HouseFloor

Passed/agreed to in House: 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)

View vote Passed

April 15, 2024 • 7:16 PM

HouseFloor

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)

View vote Passed

April 15, 2024 • 7:16 PM

HouseFloor

Motion to reconsider laid on the table Agreed to without objection.

April 15, 2024 • 7:16 PM

SenateIntro Referral

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

April 16, 2024

Voting History

1 vote recorded • Roll call available

HOUSE

Roll Call Available

April 15, 2024 at 7:11 PM

On Motion to Suspend the Rules and Pass, as Amended

Majority required: 2/3 (66.7%)

Passed

383 - 11

Floor Debate

1 member

What members said about H.R. 5923 on the floor

1 Democrat

Rep. Grace F. NapolitanoD-CA-31 · Apr 17, 2024

Mr. Speaker, on Monday, April 15, 2024, I was absent for several votes due to a delayed flight. Had I been present, I would have voted in the following way: NAY on Roll Call No. 120, Motion to Table…

Bill Text

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Referred in SenateIssued April 16, 2024

IIB

118th CONGRESS

2d Session

H. R. 5923

IN THE SENATE OF THE UNITED STATES

April 16, 2024

Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

To impose restrictions on correspondent and payable-through accounts in the United States with respect to Chinese financial institutions that conduct transactions involving the purchase of petroleum or petroleum products from Iran.

Short title

This Act may be cited as the Iran-China Energy Sanctions Act of 2023.

Sanctions on foreign financial institutions with respect to the purchase of petroleum products and unmanned aerial vehicles from Iran

Section 1245(d) of the National Defense Authorization Act for Fiscal Year 2012 (22 U.S.C. 8513a(d)) is amended—

(1)

by redesignating paragraph (5) as paragraph (6); and

(2)

by inserting after paragraph (4) the following new paragraph:

(5)

Applicability of sanctions with respect to Chinese financial institutions

(A)

In general

For the purpose of paragraph (1)(A), a significant financial transaction includes any transaction—

(i)

by a Chinese financial institution (without regard to the size, number, frequency, or nature of the transaction) involving the purchase of petroleum or petroleum products from Iran; and

(ii)

by a foreign financial institution (without regard to the size, number, frequency, or nature of the transaction) involving the purchase of Iranian unmanned aerial vehicles (UAVs), UAV parts, or related systems.

(B)

Determination Required

Not later than 180 days after the date of the enactment of this paragraph and every year thereafter for 5 years, the President shall—

(i)

determine whether any—

(I)

Chinese financial institution has engaged in a significant financial transaction as described in paragraph (1)(A)(i); and

(II)

financial institution has engaged in a significant financial transaction as described in paragraph (1)(A)(ii); and

(ii)

transmit the determination under clause (i) to the Committee on Financial Services of the House of Representatives

and the Committee on Banking, Housing, and Urban Affairs of the Senate.