All five Oklahomans in the House voted with the majority Monday in approval of legislation to sanction China’s purchase of oil from Iran, a move seen as more response to Iran’s attack on Israel.
The bill, H.R. 5923, Iran-China Energy Sanctions Act of 2023, was approved on a 383-11 vote as Oklahoma Reps. Stephanie Bice, Josh Brecheen, Tom Cole, Kevin Hern and Frank Lucas voted to support the measure. The 383 surpassed a requisite number needed to overcome a presidential vote. It heads to the Senate where approval is not so certain.
The bill is in response to Iran’s weekend drone and missile attack on Israel. It expands secondary sanctions against Iran and covers all transactions between Chinese financial institutions and sanctioned Iranian banks, reported Bloomberg.
If the bill becomes law, there would be a required annual determination of whether Chinese financial firms took part in any sanctionable conduct. It could have a significant impact on Iran and oil prices because nearly 80% of Iran’s 1.5 million barrels of oil a day in exports are sent to refineries in China. A report by a consulting firm indicated gasoline prices could go up 20 cents a gallon should the measure be signed into law.