IB 

Union Calendar No. 255 

118TH CONGRESS 

1ST SESSION H. R. 5512 

[Report No. 118–316, Part I] 

To require United States financial institutions to ensure entities and persons 

owned or controlled by the institution comply with financial sanctions 

on the Russian Federation and the Republic of Belarus to the same 

extent as the institution itself, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 14, 2023 

Mr. SHERMAN (for himself and Mrs. BEATTY) introduced the following bill; 

which was referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

DECEMBER 13, 2023 

Additional sponsors: Mr. HILL and Ms. GARCIA of Texas 

DECEMBER 13, 2023 

Reported from the Committee on Financial Services with an amendment 

[Strike out all after the enacting clause and insert the part printed in italic] 

DECEMBER 13, 2023 

Committee on Agriculture discharged; committed to the Committee of the 

Whole House on the State of the Union and ordered to be printed 

[For text of introduced bill, see copy of bill as introduced on September 14, 2023] 


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•HR 5512 RH

A BILL 

To require United States financial institutions to ensure 

entities and persons owned or controlled by the institution comply with financial sanctions on the Russian Federation and the Republic of Belarus to the same extent 

as the institution itself, and for other purposes. 


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•HR 5512 RH

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 ‘‘Russia and Belarus Fi5 nancial Sanctions Act of 2023’’. 

6 SEC. 2. REQUIREMENTS. 

7 (a) IN GENERAL.—A United States financial institu8 tion shall take all actions necessary and available to cause 

9 any entity or person owned or controlled by the institution 

10 to comply with any provision of law described in subsection 

11 (b) to the same extent as required of a United States finan12 cial institution. 

13 (b) PROVISION OF LAW DESCRIBED.—A provision of 

14 law described in this subsection is any prohibition or limi15 tation described in a sanctions-related statute, regulation, 

16 or order applicable to a United States financial institution 

17 concerning the Russian Federation or the Republic of 

18 Belarus, involving— 

19 (1) the conduct of transactions; 

20 (2) the acceptance of deposits; 

21 (3) the making, granting, transferring, holding, 

22 or brokering of loans or credits; 

23 (4) the purchasing or selling of foreign exchange, 

24 securities, commodity futures, or options; 


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•HR 5512 RH

1 (5) the procuring of purchasers and sellers de2 scribed under paragraph (4) as principal or agent; or 

3 (6) any other good or service provided by a 

4 United States financial institution. 

5 (c) PENALTY.—A United States financial institution 

6 that violates subsection (a) shall be subject to the penalties 

7 described in the applicable statute, regulation, or order ap8 plicable to a United States financial institution. 

9 (d) UNITED STATES FINANCIAL INSTITUTION DE10 FINED.—In this section, the term ‘‘United States financial 

11 institution’’ means any U.S. entity (including its foreign 

12 branches) that is engaged in the business of accepting depos13 its, making, granting, transferring, holding, or brokering 

14 loans or credits, or purchasing or selling foreign exchange, 

15 securities, futures or options, or procuring purchasers and 

16 sellers thereof, as principal or agent. It includes depository 

17 institutions, banks, savings banks, money services busi18 nesses, operators of credit card systems, trust companies, 

19 insurance companies, securities brokers and dealers, futures 

20 and options brokers and dealers, forward contract and for21 eign exchange merchants, securities and commodities ex22 changes, clearing corporations, investment companies, em23 ployee benefit plans, dealers in precious metals, stones, or 

24 jewels, and U.S. holding companies, U.S. affiliates, or U.S. 

25 subsidiaries of any of the foregoing. This term includes those 


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•HR 5512 RH

1 branches, offices, and agencies of foreign financial institu2 tions that are located in the United States, but not such 

3 institutions’ foreign branches, offices, or agencies. 


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Union Calendar No. 255 

118TH CONGRESS 

1ST SESSION H. R. 5512 

[Report No. 118–316, Part I] 

A BILL 

To require United States financial institutions to 

itself, and for other purposes. Belarus to the same extent as the institution on the Russian Federation and the Republic of by the institution comply with financial sanctions ensure entities and persons owned or controlled 

DECEMBER 13, 2023 

Reported from the Committee on Financial Services with 

an amendment 

DECEMBER 13, 2023 

Committee on Agriculture discharged; committed to the 

Union and ordered to be printed Committee of the Whole House on the State of the 


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