Sec. 7. Reports on, and authorization of imposition of sanctions with respect to, the provision of financial communications services to the Central Bank of Russian Federation and other persons
261 words·~1 min read·
/bill/117/s/3513/is/section-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 30 days after the date of the enactment of this Act, the Comptroller General of the United States shall submit to the appropriate congressional committees a list of all known entities (including SWIFT) that provide financial communications services to, or that enable or facilitate access to such services for, the Central Bank of the Russian Federation or any person subject to sanctions under section 5. Not later than 10 days after the imposition of sanctions under section 5, the Secretary of the Treasury shall submit to the appropriate congressional committees a report on the status of efforts to ensure that SWIFT has terminated the provision of financial communications services to, and the enabling and facilitation of access to such services for, the Central Bank of the Russian Federation or any person subject to sanctions under section 5.
If, on or after the date that is 10 days after the date on which the report required by subsection
(b)is submitted, a global financial communications services provider has not terminated the provision of financial communications services to, and the enabling and facilitation of access to such services for, the Central Bank of the Russian Federation or any person subject to sanctions under section 5, the President may impose sanctions pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) with respect to the financial communications services provider and the directors of, and shareholders with a significant interest in, the provider. In this section, the term SWIFT means the Society for Worldwide Interbank Financial Telecommunication.
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 7
Reports on, and authorization of imposition of sanctions with respect to, the provision of financial communications services to the Central Bank of Russian Federation and other persons
Cites 1Cited by 0 across 0 sources