No Illegal Oil from Russia Act of 2023

HR 4825, the "No Illegal Oil from Russia Act of 2023," requires the U.S. State and Treasury Departments to create a strategy within 180 days to improve global compliance with the G7-imposed $60-per-barrel oil price cap on Russian exports. It mandates quarterly reports to Congress analyzing the policy's impact on global oil prices, Russian export volumes and revenue, and related economic effects. The bill authorizes sanctions (including asset freezes) against foreign vessels knowingly transporting Russian oil above the $60 cap, with exceptions for EU, G7, and Australian vessels, humanitarian aid, and vessel safety. These sanctions would last up to 5 years or until the price cap policy ends, and require consultation with allied governments before enforcement.