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![handle is hein.congrecreports/crptxafvy0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-330
STOPPING ILLICIT OIL SHIPMENTS ACT OF 2023
DECEMBER 19, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 6365]
The Committee on Financial Services, to whom was referred the
bill (H.R. 6365) to protect against illicit oil shipments, and for other
purposes, having considered the same, reports favorably thereon
with an amendment and recommends that the bill as amended do
pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Stopping Illicit Oil Shipments Act of 2023.
SEC. 2. FINDINGS.
The Congress finds the following:
(1) When countries are designated under economic and trade sanctions by the
United States and its allies, they are largely excluded from the licit global fi-
nancial system, including the movement, sale, and profit derived from their oil
and gas resources.
(2) For U.S. persons, American maritime sanctions, including on nations like
Iran, Russia, and North Korea, restrict the financing of vessels and cargo, in-
surance and re-insurance, companies using vessels to transport their goods,
shipowners, charterers, and those providing maritime services such as classi-
fication and certification.
(3) One method by which Iran and Russia frequently attempt to evade these
U.S. sanctions on oil is to false flag, which means to avoid sanctions scrutiny
by registering a vessel in a permissive country or by sailing under another
country's flag without communicating this to the country whose flag is being
used.
(4) According to Foreign Policy, approximately two million barrels of oil from
sanctioned countries, including Iran and Russia, are transported under false
flags every day.
(5) In order to evade a sanctions regime, vessels transporting oil and gas re-
sources from sanctioned countries must carry insurance policies to allow them
to dock at a port, unload their goods, or use a port's services, such as refueling.
(6) The veracity of a vessel's flag is subject to examination by port authorities,
but verification by the port and service providers does not always occur.
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