Sec. 323. Imposition of sanctions with respect to Russian financial institutions
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Upon making an affirmative determination under section 321 and not later than 30 days following such a determination, the President shall impose the sanctions described in section 351(1) with respect to each of the following financial institutions: VTB. VEB.RF. The Russian Direct Investment Fund. Alfa Bank. Upon making an affirmative determination under section 321 and not later than 30 days following such a determination, the President shall, subject to clause (ii), impose the sanctions described in paragraph
(1)or
(2)of section 351 with respect to each of the following financial institutions: Sberbank. Gazprombank. Credit Bank of Moscow. Rosselkhozbank. FC Bank Otkritie. Promsvyazbank. Sovcombank. Transkapitalbank. Any other comparable Russian financial institution as determined by the President. The President shall impose the sanctions described in section 351(1) with respect to not fewer than 4 of the financial institutions specified in clause (i). The President shall impose, with respect to any financial institution described in subparagraph (B), the sanctions described in section 351 that the President determines are equivalent to the sanctions imposed with respect to financial institutions specified in paragraph (1). A financial institution described in this subparagraph is a financial institution— owned or controlled by, or that is a successor to, a financial institution specified in paragraph (1); or used or established for the purpose of evading sanctions under this section. Not later than 30 days after making an affirmative determination under section 321, and every 90 days thereafter, the President shall submit to the appropriate committees of Congress a list of foreign persons that the President determines— are financial institutions— owned or operated by the Government of the Russian Federation; or that are owned or controlled by, or are successors to, a financial institution described in clause (i); and with respect to which sanctions should be imposed in the interest of national security of the United States. Upon the submission of each list required by paragraph (1), the President shall impose the sanctions described in paragraph
(1)or
(2)of section 351 with respect to each foreign person identified on the list. The President shall impose one or both of the sanctions described in paragraphs
(1)and
(2)of section 351 with respect to a foreign financial institution that, on or after the date that is 30 days after sanctions are imposed under subsection
(a)or (b), knowingly engages in a significant financial transaction with any financial institution subject to sanctions imposed under subsection
(a)or (b). The President may delay the imposition of sanctions under paragraph
(1)with respect to a financial institution for not more than 30 days if the President determines it is necessary to enable non-Russian persons acting in good faith to wind down business subject to sanctions under this section. Any waiver under section 353(b) that applies to a sanction imposed under this section shall be accompanied by a report submitted by the President to the appropriate committees of Congress stating whether the waiver— is not intended to significantly alter United States foreign policy with regard to the Russian Federation; or is intended to significantly alter United States foreign policy with regard to the Russian Federation. A waiver described in paragraph
(1)shall have no force or effect on or after the date of the enactment of a joint resolution of disapproval enacted in accordance with paragraph
(3)with respect to the waiver. In this subsection, the term joint resolution of disapproval means a joint resolution the sole matter after the resolving clause of which is the following: Congress disapproves of the waiver under section 353(b) of the , with the blank space being filled with a short description of the matter to which the waiver relates. Never Yielding Europe’s Territory
(NYET)Act of 2022 with respect to a sanction imposed under section 323 of that Act relating to ___. A joint resolution of disapproval may be introduced at any time after the issuance of a waiver described in paragraph (1)— in the House of Representatives, by the majority leader or the minority leader; and in the Senate, by the majority leader (or the majority leader's designee) or the minority leader (or the minority leader's designee). The procedures set forth in paragraphs (4), (5), and
(6)of section 216(c) of the Countering America’s Adversaries Through Sanctions Act ( 22 U.S.C. 9511(c) ) shall apply with respect to a joint resolution of disapproval under this paragraph to the same extent and in the same manner as such procedures apply with respect to a joint resolution under that section, except that a joint resolution of disapproval under this paragraph shall, in the Senate, be referred— to the Committee on Banking, Housing, and Urban Affairs if the joint resolution relates to a waiver that is not intended to significantly alter United States foreign policy with regard to the Russian Federation, as stated in the report required by paragraph (1); and to the Committee on Foreign Relations if the joint resolution relates to a waiver that is intended to significantly alter United States foreign policy with regard to the Russian Federation, as stated in the report required by paragraph (1). This subsection is enacted by Congress— as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such is deemed a part of the rules of each House, respectively, and supersedes other rules only to the extent that it is inconsistent with such rules; and with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.
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Sec. 323
Imposition of sanctions with respect to Russian financial institutions
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