RELEASE: Gottheimer & Lawler’s Bipartisan Iran-China Energy Sanctions Act Unanimously Passes House Financial Services Committee
WASHINGTON, D.C. — Bipartisan legislation led by U.S. Representatives Josh Gottheimer (NJ-5) and Mike Lawler (NY-17), the Iran-China Energy Sanctions Act, unanimously passed out of the House Financial Services Committee. The bipartisan legislation targets the small, independent Chinese oil refiners driving Chinese purchases of Iranian crude and requires the Treasury Department to make annual sanctions determinations for Chinese banks.
China and Iran’s Partnership:
- China is Iran’s biggest customer for oil and a major supplier for Iran’s missile and drone program.
- Iran is using its oil trade to China to bring in $150 million dollars per day in revenue. China is principally responsible for keeping the Iranian regime in business through oil purchases.
- Recent reports indicate that China is considering supplying Iran with ammonium perchlorate — a key chemical compound used to propel ballistic missiles.
- China is also helping aid Russia’s unprovoked and unjustified invasion of Ukraine.
- China has taken an anti-Israel stance following the atrocities of October 7. The Chinese foreign ministry has repeatedly declined to use the words “Hamas” or “terrorism” and refuses to acknowledge the fact that Israel was attacked by Hamas.
“Hamas relies on support from the Iranian regime — the leading state sponsor of terror. As Iran deepens its ties to China and Russia, we are reminded that they cannot be trusted and must be held accountable. Iran has directly, or through their terrorist proxies including Hamas, Hezbollah, and PIJ, killed hundreds of Americans, and attacked our bases and our allies in the region. We must pass the bipartisan Iran-China Energy Sanctions Act to cut off sources of funding to Iran,” said Congressman Josh Gottheimer (NJ-5). “China can no longer remain Iran’s top customer. I will continue to fight against their growing influence, and make sure we do everything in our power to protect the U.S. and its allies, including Israel, from Iran.”
The full text of the legislation can be found here.