Sponsor
George Latimer
Representative · D-NY
Representative · D-NY
Official title: To nullify Iran-related General License U, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Iranian Origin Loaded on Vessels as of March 20, 2026", and for other purposes.
Introduced April 9, 2026 by George Latimer · Last progress April 9, 2026
The bill strengthens sanctions enforcement and oversight to reduce Iranian oil revenues while protecting humanitarian shipments, but it raises costs and operational burdens for U.S. businesses, financial institutions, and shipping, and can impose travel/immigration hardships and some risks to intelligence-sensitive information.
U.S. taxpayers and national-security interests benefit because the bill tightens sanctions enforcement (prohibiting certain Iranian crude sales, enabling energy-sector asset freezes and visa restrictions) and reduces Iranian energy revenues that could fund malign activity.
Humanitarian organizations and civilians in need are protected because the bill explicitly exempts humanitarian sales and transport of food, medicine, and medical devices from sanctions action.
Federal agencies, markets, and the public gain greater clarity and congressional oversight because the bill makes license revocation effective on enactment and requires regular reporting on Strait of Hormuz disruptions and Iranian oil export impacts.
Small U.S. importers, refiners, shippers, and downstream businesses (and ultimately consumers/taxpayers) may face disrupted contracts and higher fuel or feedstock costs because the bill removes a legal pathway to handle Iranian crude and can constrain supply options.
Immigrants and families may be adversely affected because broad visa revocations and inadmissibility rules for persons tied to Iran’s energy sector could disrupt travel, work, and family reunification even for individuals not directly involved in illicit activity.
U.S. and foreign financial institutions will incur compliance costs and face transaction disruptions because handling blocked assets and implementing humanitarian exemptions requires additional screening and operational changes.
Based on analysis of 4 sections of legislative text.
Revokes an OFAC license for certain Iranian oil shipments, bars future similar authorizations, and mandates sanctions and visa bans on Iranian oil-sector actors.
Revokes an existing Treasury/OFAC general license that had permitted sale and delivery of Iranian crude oil loaded by March 20, 2026, and bars Treasury from issuing similar authorizations in the future. Requires the President to impose targeted sanctions and broad immigration/visa restrictions on Iranian persons involved in oil and gas extraction, refining, production, or maritime transport, while preserving limited humanitarian and UN-related exceptions. Also mandates repeated State Department reporting on the effects of a Strait of Hormuz closure and the economic impacts of permitting or revoking Iranian oil sales.