House To Vote On Legislation Countering Iran-China Oil Transactions

MNI London: The US House of Representatives will vote today on17 bills related to Iran and Israel in response to the Iranian attack on Israel on April 13.

• Of particular note to energy markets, H.R. 5923, a bill which was unanimously discharged from the House Financial Services Committee in November, would, "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."
• Bloomberg notes that H.R. 5923, "would expand secondary sanctions against Iran to cover all transactions between Chinese financial institutions and sanctioned Iranian banks used to purchase of petroleum and petroleum products. The legislation also requires the US to make a determination annually whether Chinese financial institutions have engaged in sanctionable conduct."
• Republican Rep Mike Lawler (R-NY), sponsor of the bill, said in a statement on social media a short time ago: "We must cut off the illicit oil trade bankrolling Iran. That’s why I introduced the SHIP Act to put secondary sanctions on Iranian petroleum and why today the House is voting on my Iran-China Energy Sanctions Act targeting financial institutions processing Iranian oil purchases."
• Lawler said in a statement in November: "Iran is exporting a record 1.5 million barrels of petroleum per day and around 80 percent of those exports are going to China. We must crack down on enablers of Iranian terror, of which there is no greater culprit than China."