IIB 

117TH CONGRESS 

2D SESSION H. R. 7066 

IN THE SENATE OF THE UNITED STATES 

MAY 12, 2022 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

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 7066 RFS

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 2022’’. 

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 sub11 section (b) to the same extent as required of a United 

12 States financial 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 ex24 change, securities, commodity futures, or options; 


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HR 7066 RFS

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

3 or 

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

5 United States financial institution. 

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

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

8 described in the applicable statute, regulation or order ap9 plicable to a United States financial Institution. 

10 (d) UNITED STATES FINANCIAL INSTITUTION DE11 FINED.—In this section, the term ‘‘United States financial 

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

13 branches) that is engaged in the business of accepting de14 posits, making, granting, transferring, holding, or 

15 brokering loans or credits, or purchasing or selling foreign 

16 exchange, securities, futures or options, or procuring pur17 chasers and sellers thereof, as principal or agent. It in18 cludes depository institutions, banks, savings banks, 

19 money services businesses, operators of credit card sys20 tems, trust companies, insurance companies, securities 

21 brokers and dealers, futures and options brokers and deal22 ers, forward contract and foreign exchange merchants, se23 curities and commodities exchanges, clearing corporations, 

24 investment companies, employee benefit plans, dealers in 

25 precious metals, stones, or jewels, and U.S. holding comVerDate Sep 11 2014 22:51 May 12, 2022 Jkt 029200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H7066.RFS H7066

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HR 7066 RFS

1 panies, U.S. affiliates, or U.S. subsidiaries of any of the 

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

3 agencies of foreign financial institutions that are located 

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

5 branches, offices, or agencies. 

6 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 

7 The budgetary effects of this Act, for the purpose of 

8 complying with the Statutory Pay-As-You-Go Act of 2010, 

9 shall be determined by reference to the latest statement 

10 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

11 Act, submitted for printing in the Congressional Record 

12 by the Chairman of the House Budget Committee, pro13 vided that such statement has been submitted prior to the 

14 vote on passage. 

Passed the House of Representatives May 11, 2022. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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