The bill mandates a report analyzing Chinese transactions with Iran, assessing oil purchases and financial transactions supporting Iran's ballistic missile program. The report will be submitted to the appropriate congressional committees and the Secretary of the Treasury. The bill defines these committees and requires the Secretary of the Treasury to determine if the Chinese activities constitute sanctions violations and report to Congress. The bill aims to track and restrict adversarial circumvention of embargoes concerning oil and ballistic missile-related transactions between China and Iran.