Sec. 5. SANCTIONS ON RUSSIAN AND OTHER FOREIGN FINANCIAL INSTITUTIONS

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## SEC. 5 SANCTIONS ON RUSSIAN AND OTHER FOREIGN FINANCIAL INSTITUTIONS **[**[22 U.S.C. 8924](/us/usc/t22/s8924)**]** ###

(a)Facilitation of Certain Defense- and Energy-Related Transactions The President shall impose, unless the President determines that it is not in the national interest of the United States to do so, the sanction described in subsection

(c)with respect to a foreign financial institution that the President determines knowingly engages, on or after the date of the enactment of the Countering Russian Influence in Europe and Eurasia Act of 2017, in significant transactions involving activities described in subparagraph (A)(ii) or

(B)of section 4(a)(2) or paragraph

(1)or

(3)of section 4(b) for persons with respect to which sanctions are imposed under section 4. ###

(b)Facilitation of Financial Transactions on Behalf of Specially Designated Nationals The President shall impose, unless the President determines that it is not in the national interest of the United States to do so, the sanction described in subsection

(c)with respect to a foreign financial institution if the President determines that the foreign financial institution has, on or after the date that is 30 days after the date of the enactment of the Countering Russian Influence in Europe and Eurasia Act of 2017, knowingly facilitated a significant financial transaction on behalf of any Russian person included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury, pursuant to— ####

(1)this Act; ####

(2)Executive Order No. 13660 (79 Fed. Reg. 13,493), 13661 (79 Fed. Reg. 15,535), or 13662 (79 Fed. Reg. 16,169); or ####

(3)any other Executive order addressing the crisis in Ukraine. ###

(c)Sanction Described The sanction described in this subsection is, with respect to a foreign financial institution, a prohibition on the opening, and a prohibition or the imposition of strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by the foreign financial institution. ###

(d)National Security Waiver The President may waive the application of sanctions under this section with respect to a foreign financial institution if the President— ####

(1)determines that the waiver is in the national security interest of the United States; and ####

(2)submits to the appropriate congressional committees a report on the determination and the reasons for the determination. ###

(e)Notification to Congress on Imposition of Sanctions The President shall notify the appropriate congressional committees in writing not later than 15 days after imposing sanctions with respect to a foreign financial institution under subsection

(a)or (b). ###

(f)Implementation; Penalties ####

(1)Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out the purposes of this section. ####

(2)Penalties The penalties provided for in subsections

(b)and

(c)of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) shall apply to a person that violates, attempts to violate, or conspires to violate, or causes a violation of, subsection

(a)or

(b)of this section, or an order or regulation prescribed under either such subsection, to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of the International Emergency Economic Powers Act. ###

(g)Termination This section, and sanctions imposed under this section, shall terminate on the date on which the President submits to the appropriate congressional committees the certification described in section 4(i).

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