Sec. 3. Sanctions with respect to the Russian Federation
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Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe regulations to prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that knowingly provides significant financial services to— any foreign person designated for the imposition of sanctions with respect to the Russian Federation under— Executive Orders 13660, 13661, 13662, 13685, or 14024; or title II of the Countering America’s Adversaries through Sanctions Act ( Public Law 114–44 ) or an amendment made by that title; a foreign financial institution subject to the prohibitions of Directive 2 under Executive Order 14024; an entity listed in Annex 1 of Directive 3 under Executive Order 14024; or any foreign person that the Secretary finds operates in the energy sector of the Russian Federation.
A person who violates, attempts to violate, conspires to violate, or causes a violation of regulations prescribed under this subsection shall be subject to a civil penalty in an amount not to exceed the greater of— $377,700; or an amount that is twice the amount of the transaction that is the basis of the violation with respect to which the penalty is imposed. A person who willfully commits, willfully attempts to commit, or willfully conspires to commit, or aids or abets in the commission of, a violation of regulations prescribed under this subsection shall, upon conviction, be fined not more than $1,000,000, or if a natural person, may be imprisoned for not more than 20 years, or both.
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