Sec. 12. Prohibitions on financing for certain persons involved in sanctionable activities
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Section 2 of the Export-Import Bank Act of 1945 ( 12 U.S.C. 635 ), as amended by section 11 of this Act, is amended by adding at the end the following: Beginning on the date that is 180 days after the date of the enactment of this subsection, the Board of Directors of the Agency may not approve any transaction that is subject to approval by the Board with respect to the provision by the Agency of any guarantee, insurance, or extension of credit, or the participation by the Agency in any extension of credit, to a person in connection with the exportation of any good or service unless the person provides the certification described in subparagraph (B).
The certification described in this subparagraph is a certification by a person that neither the person nor any other person owned or controlled by the person engages in any activity in contravention of any law, regulation, decree, order, or other act with force of law of the United States concerning— trade and economic sanctions, including an embargo; the freezing or blocking of assets of designated persons; or other restrictions on exports, imports, investment, payments, or other transactions targeted at particular persons or countries.
Beginning on the date that is 180 days after the date of the enactment of this subsection, the Board of Directors of the Agency may not approve any transaction that is subject to approval by the Board with respect to the provision by the Agency of any guarantee, insurance, or extension of credit, or the participation by the Agency in any extension of credit, in connection with a financing in which a person that is a borrower or controlling sponsor, or a person that is owned or controlled by the borrower or controlling sponsor, is subject to a sanction administered by the Office of Foreign Assets Control of the Department of the Treasury.
In subparagraph (A), the term controlling sponsor means a person providing controlling direct private equity investment (excluding investments made through publicly held investment funds, publicly held securities, public offerings, or similar public market vehicles) in connection with a financing. .
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Sec. 12
Prohibitions on financing for certain persons involved in sanctionable activities
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