II 

117TH CONGRESS 

2D SESSION S. 3771 

To prohibit United States persons from engaging in transactions with foreign 

persons that purchase or transact in gold from the Russian Federation. 

IN THE SENATE OF THE UNITED STATES 

MARCH 7, 2022 

Mr. CORNYN (for himself, Ms. HASSAN, Mr. HAGERTY, and Mr. KING) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To prohibit United States persons from engaging in transactions with foreign persons that purchase or transact 

in gold from the Russian Federation. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Stop Russian Govern5 ment and Oligarchs from Limiting Democracy Act of 

6 2022’’ or the ‘‘Stop Russian GOLD Act of 2022’’. 


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•S 3771 IS

1 SEC. 2. PROHIBITION ON TRANSACTIONS WITH FOREIGN 

2 PERSONS THAT PURCHASE OR TRANSACT IN 

3 RUSSIAN GOLD. 

4 (a) IN GENERAL.—Any transaction by a United 

5 States person with a foreign person described in sub6 section (b) is prohibited. 

7 (b) FOREIGN PERSON DESCRIBED.—A foreign per8 son is described in this subsection if the foreign person— 

9 (1) purchases, transacts in, or transports be10 tween countries gold received from the Government 

11 of the Russian Federation, including from reserves 

12 of the Central Bank of the Russian Federation held 

13 outside the Russian Federation; or 

14 (2) engages in a transaction— 

15 (A) involving gold; and 

16 (B) that has a physical or electronic nexus 

17 to the Russian Federation. 

18 (c) GUIDANCE.—Not later than 30 days after the 

19 date of the enactment of this Act, the Secretary of the 

20 Treasury shall publish guidance for United States persons 

21 with respect to compliance with this section, including 

22 guidance— 

23 (1) to ensure that United States persons are 

24 able to avoid unknowingly investing in or transacting 

25 with foreign persons described in subsection (b) 

26 through bundled or basked assets; and 


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•S 3771 IS

1 (2) to facilitate divestment from investment in 

2 and transactions with such foreign persons. 

3 (d) IMPLEMENTATION; PENALTIES.— 

4 (1) IMPLEMENTATION.—The President may ex5 ercise all authorities provided under sections 203 

6 and 205 of the International Emergency Economic 

7 Powers Act (50 U.S.C. 1702 and 1704) to carry out 

8 this section. 

9 (2) PENALTIES.—A person that violates, at10 tempts to violate, conspires to violate, or causes a 

11 violation of this section or any regulation, license, or 

12 order issued to carry out this section shall be subject 

13 to the penalties set forth in subsections (b) and (c) 

14 of section 206 of the International Emergency Eco15 nomic Powers Act (50 U.S.C. 1705) to the same ex16 tent as a person that commits an unlawful act de17 scribed in subsection (a) of that section. 

18 (e) DEFINITIONS.—In this section: 

19 (1) FOREIGN PERSON.—The term ‘‘foreign per20 son’’ means an individual or entity that is not a 

21 United States person. 

22 (2) UNITED STATES PERSON.—The term 

23 ‘‘United States person’’ means— 


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•S 3771 IS

1 (A) a United States citizen or an alien law2 fully admitted for permanent residence to the 

3 United States; or 

4 (B) an entity organized under the laws of 

5 the United States or any jurisdiction within the 

6 United States, including a foreign branch of 

7 such an entity. 

Æ 


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