No Oil From Terrorists Act

No Oil From Terrorists Act

This bill requires the President to prohibit the importation of petroleum products from Iran. Petroleum product means crude oil, residual fuel oil, or any refined petroleum product, including natural gas liquid product.

Further, the bill authorizes the President to use appropriate authorities to impose civil or criminal penalties as necessary to enforce the prohibition.

Bill 117 HR 6969, also known as the No Oil From Terrorists Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to prevent terrorist organizations from profiting from the sale of oil.

The bill proposes several key measures to achieve this goal. First, it would prohibit any US person or entity from engaging in transactions related to the purchase or sale of oil or petroleum products from designated terrorist organizations. This would help cut off a major source of funding for these groups.

Additionally, the bill would require the Secretary of State to identify and designate foreign terrorist organizations that are involved in the oil trade. This designation would trigger a series of sanctions and penalties for anyone found to be doing business with these organizations. Furthermore, the bill includes provisions for increased monitoring and enforcement to ensure compliance with these regulations. This would involve coordination between various government agencies to track and prevent any illicit oil transactions. Overall, the No Oil From Terrorists Act aims to disrupt the financial networks of terrorist organizations by targeting their oil revenue. By cutting off this source of funding, the bill seeks to weaken these groups and enhance national security.