H.R. 2575 — To provide for the rescission of certain waivers and licenses relating to Iran, and for other purposes.

This section terminates a waiver—transmitted to Congress on September 11, 2023, pursuant to Iran sanctions authorities (i.e., sections 1245(d)(5) of the National Defense Authorization Act for Fiscal Year 2012 and 1244(i) and 1247(f) of the Iran Freedom and Counter-Proliferation Act of 2012)—that permitted the transfer of certain funds from the Republic of Korea to Qatar, along with any related general or specific licenses issued by the Department of the Treasury's Office of Foreign Assets Control (OFAC). It further prohibits the President from reissuing any such waiver or license for the same or similar purposes.

This section prohibits the President, on and after enactment, from exercising waiver authorities under section 1245(d)(5) of the National Defense Authorization Act for Fiscal Year 2012 and sections 1244(i) and 1247(f) of the Iran Freedom and Counter-Proliferation Act of 2012—which previously permitted the Government of Iran or Iranian persons limited access to restricted accounts holding Iranian oil revenues in foreign banks under NDAA FY2012 §1245(d)(4)(D)(ii)(II), generally for non-sanctionable purchases (e.g., food, medicine)—or from issuing any general or specific license, FAQ, or other guidance permitting such access or benefits. (Thus, these funds remain inaccessible to Iran absent new statutory authority.)