Sponsors
The bill tightens and clarifies sanctions tools to cut Iranian energy revenue and improve oversight while preserving humanitarian flows, but does so at the expense of increased costs and operational disruption for U.S. firms, possible hardship for some immigrants, and added burdens or reduced flexibility for federal agencies.
Taxpayers and the American public: strengthens U.S. sanctions pressure on Iran by barring sales/deliveries of Iranian crude and enabling asset freezes and visa bans to reduce Iranian energy-sector revenue and mobility.
Humanitarian organizations and civilians in need: preserves exemptions for humanitarian sales and transport (food, medicine, medical devices), protecting delivery of lifesaving goods.
U.S. financial, shipping, and energy firms: reduces legal and reputational risk from engaging with Iranian petroleum transactions by removing an ambiguous license pathway.
Importers, shippers, refiners, small businesses, energy workers, and consumers: loss of the previously available license and blocked maritime partners removes a legal pathway for handling Iranian crude and may disrupt contracts, operations, and raise fuel or feedstock costs.
Financial institutions and companies handling transactions: face added compliance costs and transaction disruptions from processing humanitarian exemptions and managing blocked assets.
Immigrants and families: broad inadmissibility rules and visa revocations for persons tied to Iran's energy sector could sweep up individuals not directly involved, causing sudden travel and immigration hardship.
Based on analysis of 4 sections of legislative text.
Revokes an OFAC authorization for certain Iranian oil shipments, bans similar future licenses, mandates sanctions and visa bans on Iranian oil-sector actors, and requires recurring State Department reports on Strait of Hormuz impacts.
Introduced April 9, 2026 by George Latimer · Last progress April 9, 2026
Revokes a specific Treasury/OFAC authorization that had allowed the delivery and sale of Iranian crude loaded as of March 20, 2026, and bars the Treasury from issuing similar future licenses that would permit sale, delivery, or offloading of Iranian oil or petroleum products. It also directs the President to impose broad sanctions and mandatory visa restrictions on Iranian persons involved in oil and gas extraction, refining/production, or maritime transportation of petroleum, with limited humanitarian and diplomatic exceptions. The bill requires the State Department to report to key congressional committees on the effects of a Strait of Hormuz closure on Iranian oil exports, revenue, and production, starting within 30 days and then every 60 days for three years. Civil and criminal penalties under IEEPA apply for violations of implementing regulations, and some judicial review provisions for classified information are limited and procedural only.