HR 6365
Stopping Illicit Oil Shipments Act of 2023
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Stopping Illicit Oil Shipments Act of 2023 aims to combat the evasion of U.S. sanctions on oil by countries like Iran and Russia. It requires maritime insurers to verify the registration of vessels they insure, preventing them from covering ships operating under false flags. The legislation also establishes a reporting process for insurance regulators and the Treasury Department to identify and address instances of non-compliance, with the goal of increasing transparency and accountability in the maritime shipping industry. This will help OFAC identify and potentially sanction vessels and individuals involved in illicit oil shipments.
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