SHIP Act

What it does

This bill requires the President to impose visa- and property-blocking sanctions against foreign persons that knowingly transport, process, refine, or otherwise deal in petroleum and petroleum products (including petrochemicals) originating in Iran.

These sanctions also extend to certain foreign persons associated with the sanctioned individual, such as adult family members and any entities owned by the sanctioned individual. (The sanctions do not apply to such adult family members if the President determines they have disassociated themselves from the sanctioned individual and have not assisted in concealing assets.)

The sanctions do not apply to the importation of goods.

Summary by the Congressional Research Service, Nov 3, 2023 (Passed House). CRS summarizes bills impartially; it does not take positions.