House Votes to End Waivers for Iran and Refreeze $6 Billion of Iranian Funds

The House voted 259-160 to pass H.R.5947, which terminates the presidential waiver of certain sanctions on Iran and the licenses issued by the Department of the Treasury that allowed for the transfer of previously blocked Iranian funds (namely, the approximately $6 billion of Iranian funds that the Biden Administration permitted to be transferred from restricted accounts in South Korea to restricted accounts in Qatar to facilitate the 2023 release of five U.S. citizens detained in Iran). Furthermore, the President may not exercise waiver authority related to certain accounts belonging to Iran.

H. R. 5947

AN ACT

To provide for the rescission of certain waivers and licenses relating to Iran, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Rescission of certain waivers and licenses.

a) In general.—On the date of enactment of this Act, the following measures shall be terminated:

(1) The waiver exercised on the pursuant to section 1245(d)(5) of the National Defense Authorization Act for Fiscal Year 2012 and sections 1244(i) and 1247(f) of the Iran Freedom and Counter-Proliferation Act of 2012 and transmitted to Congress on September 11, 2023, for the transfer of certain funds from the Republic of Korea to Qatar.

(2) Any general or specific license issued by the Office of Foreign Assets Control at the Department of the Treasury directly or indirectly related to the funds cited in paragraph (1).

(b) Limitation.—The President may not reissue any new waiver or license described in paragraph (1) or (2) of subsection (a) for the same or similar purposes.

SEC. 2. Limitation of applicability of certain licenses.

(1) exercise the waiver authority described in section 1245(d)(5) of the National Defense Authorization Act for Fiscal Year 2012 and sections 1244(i) and 1247(f) of the Iran Freedom and Counter-Proliferation Act of 2012 permitting the Government of Iran or any Iranian person access to any account established or maintained pursuant to or in accordance with section 1245(d)(4)(D)(ii)(II) of the National Defense Authorization Act for Fiscal Year 2012; or

(2) issue a general or specific license, frequently asked question, or any other licensing action or guidance permitting the Government of Iran or any Iranian person access to or to benefit directly or indirectly from any account established pursuant to or in accordance with any account described in 1245(d)(4)(D)(ii)(II) of the National Defense Authorization Act for Fiscal Year 2012.

Passed the House of Representatives April 17, 2024.