I 

118TH CONGRESS 

1ST SESSION H. R. 5512 

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 

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. 

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 

5 Financial Sanctions Act of 2023’’. 


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1 SEC. 2. REQUIREMENTS. 

2 (a) IN GENERAL.—A United States financial institu3 tion shall take all actions necessary and available to cause 

4 any entity or person owned or controlled by the institution 

5 to comply with any provision of law described in sub6 section (b) to the same extent as required of a United 

7 States financial institution. 

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

9 law described in this subsection is any prohibition or limi10 tation described in a sanctions-related statute, regulation 

11 or order applicable to a United States financial institution 

12 concerning the Russian Federation or the Republic of 

13 Belarus, involving— 

14 (1) the conduct of transactions; 

15 (2) the acceptance of deposits; 

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

17 or brokering of loans or credits; 

18 (4) the purchasing or selling of foreign ex19 change, securities, commodity futures, or options; 

20 (5) the procuring of purchasers and sellers de21 scribed under paragraph (4) as principal or agent; 

22 or 

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

24 United States financial institution. 

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

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


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1 described in the applicable statute, regulation or order ap2 plicable to a United States financial Institution. 

3 (d) UNITED STATES FINANCIAL INSTITUTION DE4 FINED.—In this section, the term ‘‘United States financial 

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

6 branches) that is engaged in the business of accepting de7 posits, making, granting, transferring, holding, or 

8 brokering loans or credits, or purchasing or selling foreign 

9 exchange, securities, futures or options, or procuring pur10 chasers and sellers thereof, as principal or agent. It in11 cludes depository institutions, banks, savings banks, 

12 money services businesses, operators of credit card sys13 tems, trust companies, insurance companies, securities 

14 brokers and dealers, futures and options brokers and deal15 ers, forward contract and foreign exchange merchants, se16 curities and commodities exchanges, clearing corporations, 

17 investment companies, employee benefit plans, dealers in 

18 precious metals, stones, or jewels, and U.S. holding com19 panies, U.S. affiliates, or U.S. subsidiaries of any of the 

20 foregoing. This term includes those branches, offices, and 

21 agencies of foreign financial institutions that are located 

22 in the United States, but not such institutions’ foreign 

23 branches, offices, or agencies. 

Æ 


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