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1 1 (May 8, 2024)

handle is hein.crs/goveplf0001 and id is 1 raw text is: Iran's Petroleum Exports to China and U.S. Sanctions Updated May 8, 2024 Many Members in the 118th Congress remain concerned with Iran's ability to raise revenue in international markets. Iran's petroleum exports have reportedly reached new heights in 2024, with most exports destined for China. Techniques used to obscure Iranian petroleum exports complicate efforts to identify Iran's trade patterns and to use sanctions effectively in furtherance of U.S. foreign policy. Background: U.S. Sanctions U.S. efforts to limit Iranian income from petroleum and petroleum products (hereinafter petroleum) via sanctions go back decades. Section 1245(d) of the FY2012 National Defense Authorization Act (NDAA, P.L. 112-81; 22 U.S.C. s8513a(d)) directed the President to block from the U.S. financial system foreign financial institutions that knowingly conduct any significant financial transaction with sanctioned Iranian banks, including Iran's Central Bank, except for foreign central banks that do not engage in transactions related to Iranian petroleum. The statute also excepts from such secondary sanctions foreign financial institutions in countries determined to be significantly reducing their purchases of Iranian crude oil (President Donald Trump approved the last such exception in 2018). In 2018, President Trump ceased U.S. participation in the Joint Comprehensive Plan of Action (JCPOA) and issued Executive Order 13846, which reinstates those sanctions that had been terminated pursuant to the JCPOA. E.O. 13846 authorizes sanctions targeting persons, including foreign financial institutions, that the Secretary of the Treasury determines to have knowingly engaged in a significant transaction for the purchase, acquisition, sale, transport, or marketing of Iranian petroleum or petroleum products. The United States has imposed sanctions on dozens of entities for their role in the illicit shipment of Iranian petroleum to Asia under E.O. 13846. As part of an emergency supplemental appropriations package signed into law by the President in April 2024 (P.L. 118-50), Congress enacted two measures related to sanctions on Iranian petroleum (discussed below). Iran's Petroleum Exports to the People's Republic of China (PRC) U.S. secondary sanctions are intended to impose financial or other costs to dissuade foreign persons (third parties) from participating in activities that U.S. persons cannot engage in-all with the intention of denying revenue to the primary malign actor. Iranian petroleum exports reportedly hit a record in the first Congressional Research Service https://crsreports.congress.gov IN12267 CRS INSIGHT Prepared for Members and Committees of Congress

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