Sec. 8. Prohibition on transfers of funds involving the Russian Federation
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/bill/119/s/1241/is/section-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Except as provided by subsection (b), not later than 15 days after a covered determination is made, a depository institution (as defined in section 19(b)(1)(A) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1)(A) )) or a broker or dealer in securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ) may not process transfers of funds— to or from the Russian Federation; or for the direct or indirect benefit of officials of the Government of the Russian Federation. A depository institution, broker, or dealer described in subsection
(a)may process a transfer described in that subsection if the transfer— arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that is authorized by a specific or general license; and does not involve debiting or crediting an account affiliated with the Russian Federation or held by a Russian person. In this section, the term Russian person means— a citizen or national of the Russian Federation; or an entity organized under the laws of the Russian Federation or otherwise subject to the jurisdiction of the Government of the Russian Federation.
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