II 

117TH CONGRESS 

2D SESSION S. 3877 

To require the imposition of sanctions with respect to Chinese financial 

institutions that clear, verify, or settle transactions with Russian or 

Russian-controlled financial institutions. 

IN THE SENATE OF THE UNITED STATES 

MARCH 17, 2022 

Mr. RUBIO (for himself, Mr. YOUNG, and Mr. SCOTT of Florida) introduced 

the following bill; which was read twice and referred to the Committee 

on Banking, Housing, and Urban Affairs 

A BILL 

To require the imposition of sanctions with respect to Chinese financial institutions that clear, verify, or settle 

transactions with Russian or Russian-controlled financial 

institutions. 

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 ‘‘Crippling Unhinged 

5 Russian Belligerence and Chinese Involvement in Putin’s 

6 Schemes Act of 2022’’ or the ‘‘CURB CIPS Act of 2022’’. 


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1 SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO CHI2 NESE FINANCIAL INSTITUTIONS THAT CLEAR, 

3 VERIFY, OR SETTLE TRANSACTIONS WITH 

4 RUSSIAN OR RUSSIAN-CONTROLLED FINAN5 CIAL INSTITUTIONS. 

6 (a) IN GENERAL.—The Secretary of the Treasury 

7 shall, in consultation with the Secretary of State, impose 

8 one or both of the sanctions described in subsection (b) 

9 with respect to each Chinese financial institution that uses 

10 the Cross-Border Interbank Payment System (commonly 

11 referred to as ‘‘CIPS’’) or the System for Transfer of Fi12 nancial Messages (commonly referred to as ‘‘SPFS’’) to 

13 clear, verify, settle, or otherwise conduct transactions with 

14 any Russian financial institution or covered financial insti15 tution. 

16 (b) SANCTIONS DESCRIBED.—The sanctions that 

17 may be imposed with respect to a Chinese financial insti18 tution subject to subsection (a) include the following: 

19 (1) PROPERTY BLOCKING.—The Secretary of 

20 the Treasury may block and prohibit, pursuant to 

21 the International Emergency Economic Powers Act 

22 (50 U.S.C. 1701 et seq.), all transactions in all 

23 property and interests in property of the Chinese fi24 nancial institution if such property and interests in 

25 property are in the United States, come within the 


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1 United States, or are or come within the possession 

2 or control of a United States person. 

3 (2) RESTRICTIONS ON CORRESPONDENT AND

4 PAYABLE-THROUGH ACCOUNTS.—The Secretary may 

5 prohibit the opening or maintaining in the United 

6 States of a correspondent account or a payable7 through account by the Chinese financial institution. 

8 (c) IMPLEMENTATION; PENALTIES.— 

9 (1) IMPLEMENTATION.—The Secretary may ex10 ercise all authorities provided under sections 203 

11 and 205 of the International Emergency Economic 

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

13 this section. 

14 (2) PENALTIES.—A person that violates, at15 tempts to violate, conspires to violate, or causes a 

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

17 order issued to carry out this section shall be subject 

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

19 of section 206 of the International Emergency Eco20 nomic Powers Act (50 U.S.C. 1705) to the same ex21 tent as a person that commits an unlawful act de22 scribed in subsection (a) of that section. 

23 (d) EXCEPTIONS.— 

24 (1) EXCEPTION FOR INTELLIGENCE ACTIVI25 TIES.—This section shall not apply with respect to 


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1 activities subject to the reporting requirements 

2 under title V of the National Security Act of 1947 

3 (50 U.S.C. 3091 et seq.) or any authorized intel4 ligence activities of the United States. 

5 (2) EXCEPTION RELATING TO IMPORTATION OF

6 GOODS.— 

7 (A) IN GENERAL.—The authority to block 

8 and prohibit all transactions in all property and 

9 interests in property under subsection (b) shall 

10 not include the authority or a requirement to 

11 impose sanctions on the importation of goods. 

12 (B) GOOD.—In this paragraph, the term 

13 ‘‘good’’ means any article, natural or man-made 

14 substance, material, supply or manufactured 

15 product, including inspection and test equip16 ment, and excluding technical data. 

17 (e) REGULATIONS.—Not later than 90 days after the 

18 date of the enactment of this Act, the Secretary shall pre19 scribe such regulations as are necessary to carry out this 

20 section. 

21 (f) REPORT REQUIRED.— 

22 (1) IN GENERAL.—Not later than 180 days 

23 after the date of the enactment of this Act, the Sec24 retary shall, in consultation with the Secretary of 


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1 State, submit to the appropriate congressional com2 mittees a report— 

3 (A) describing the scope and usage of 

4 CIPS and SPFS around the world, including 

5 usage rates by country; 

6 (B) assessing the risks that widespread 

7 adoption of CIPS or SPFS poses to the na8 tional security of the United States; and 

9 (C) making recommendations to further 

10 preserve and strengthen the influence of the 

11 United States in the global financial system. 

12 (2) FORM.—Each report required by paragraph 

13 (1) shall be submitted in unclassified form but may 

14 include a classified annex. 

15 (g) DEFINITIONS.—In this section: 

16 (1) ACCOUNT; CORRESPONDENT ACCOUNT; PAY17 ABLE-THROUGH ACCOUNT.—The terms ‘‘account’’, 

18 ‘‘correspondent account’’, and ‘‘payable-through ac19 count’’ have the meanings given those terms in sec20 tion 5318A of title 31, United States Code. 

21 (2) APPROPRIATE CONGRESSIONAL COMMIT22 TEES.—The term ‘‘appropriate congressional com23 mittees’’ means— 

24 (A) the Committee on Banking, Housing, 

25 and Urban Affairs, the Committee on Foreign 


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1 Relations, and the Select Committee on Intel2 ligence of the Senate; and 

3 (B) the Committee on Financial Services, 

4 the Committee on Foreign Affairs, and the Per5 manent Select Committee on Intelligence of the 

6 House of Representatives. 

7 (3) CHINESE FINANCIAL INSTITUTION.—The 

8 term ‘‘Chinese financial institution’’ means a finan9 cial institution— 

10 (A) organized under the laws of the Peo11 ple’s Republic of China or any jurisdiction with12 in the People’s Republic of China, including a 

13 foreign branch of such an institution; 

14 (B) located in the People’s Republic of 

15 China; 

16 (C) wherever located, owned, or controlled 

17 by the Government of the People’s Republic of 

18 China; or 

19 (D) wherever located, owned, or controlled 

20 by a financial institution described in subpara21 graph (A), (B), or (C). 

22 (4) COVERED FINANCIAL INSTITUTION.—The 

23 term ‘‘covered financial institution’’ means a finan24 cial institution— 


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1 (A) located in territory controlled by an 

2 entity holding itself out to be the Government 

3 of the Republic of South Ossetia—the State of 

4 Alania, the Donetsk People’s Republic, the 

5 Luhansk People’s Republic, the Republic of 

6 Abkhazia, or the Pridnestrovian Moldavian Re7 public; 

8 (B) organized under the laws of an entity 

9 described in subparagraph (A); 

10 (C) wherever located, owned, or controlled 

11 by such an entity; or 

12 (D) wherever located, owned, or controlled 

13 by a financial institution described in subpara14 graph (A), (B), or (C). 

15 (5) FINANCIAL INSTITUTION.—The term ‘‘fi16 nancial institution’’ means a financial institution 

17 specified in subparagraph (A), (B), (C), (D), (E), 

18 (F), (G), (H), (I), (J), (M), or (Y) of section 

19 5312(a)(2) of title 31, United States Code. 

20 (6) RUSSIAN FINANCIAL INSTITUTION.—The 

21 term ‘‘Russian financial institution’’ means a finan22 cial institution— 

23 (A) organized under the laws of the Rus24 sian Federation or any jurisdiction within the 


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1 Russian Federation, including a foreign branch 

2 of such an institution; 

3 (B) located in the Russian Federation; 

4 (C) wherever located, owned, or controlled 

5 by the Government of the Russian Federation; 

6 or 

7 (D) wherever located, owned, or controlled 

8 by a financial institution described in subpara9 graph (A), (B), or (C). 

Æ 


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