Sec. 5. Sanctions on Russian and other foreign financial institutions

431 words·~2 min read·/bill/113/hr/5782/ih/section-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The President may impose the sanction described in subsection

(c)with respect to a foreign financial institution that the President determines knowingly engages, on or after the date of the enactment of this Act, in significant transactions involving activities described in subparagraph (A)(ii) or

(B)of section 4(a)(2) or paragraph

(1)or

(3)of section 4(b) for persons with respect to which sanctions are imposed under section 4. The President may impose the sanction described in subsection

(c)with respect to a foreign financial institution if the President determines that the foreign financial institution has, on or after the date that is 180 days after the date of the enactment of this Act, knowingly facilitated a significant financial transaction on behalf of any Russian person included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury, pursuant to— this Act; Executive Order 13660 (79 Fed. Reg. 13,493), 13661 (79 Fed. Reg. 15,535), or 13662 (79 Fed. Reg. 16,169); or any other Executive order addressing the crisis in Ukraine. The sanction described in this subsection is, with respect to a foreign financial institution, a prohibition on the opening, and a prohibition or the imposition of strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by the foreign financial institution. The President may waive the application of sanctions under this section with respect to a foreign financial institution if the President— determines that the waiver is in the national security interest of the United States; and submits to the appropriate congressional committees a report on the determination and the reasons for the determination. The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out the purposes of this section. The penalties provided for in subsections

(b)and

(c)of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) shall apply to a person that violates, attempts to violate, or conspires to violate, or causes a violation of, subsection

(a)or

(b)of this section, or an order or regulation prescribed under either such subsection, to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of the International Emergency Economic Powers Act. This section, and sanctions imposed under this section, shall terminate on the date on which the President submits to the appropriate congressional committees the certification described in section 4(h).

Connectionstraces to 3

Traces to 3 documents