Punishing Continued Occupation of Ukraine Act

To impose sanctions with respect to certain Russian financial institutions. 1. Short title This Act may be cited as the Punishing Continued Occupation of Ukraine Act 2. Imposition of sanctions with respect to certain Russian financial institutions (a) Findings Congress finds the following: (1) On February 27, 2014, the Russian Federation unlawfully invaded Crimea and shortly thereafter intervened and occupied parts of Ukraine. (2) Russia continues to flout the Minsk Accords, signed on September 5, 2014, by directly and indirectly supporting separatist forces in Ukraine. (3) Sanctions to date have failed to alter Russian President Vladimir Putin’s calculation regarding Ukraine and the Crimea. (4) The Putin regime relies on several large financial institutions to implement its policies and keep the regime afloat. (b) In general Not later than 60 days after the date of the enactment of this Act, and every 180 days thereafter for 5 years, the President shall determine whether the Russian Federation is in compliance with the Minsk Accords. (c) Imposition of sanctions (1) In general If the President, pursuant to subsection (b), determines that Russia is not in compliance with the Minsk Accords, the President shall impose the sanctions described in subsection (d) with respect to not less than three Russian financial institutions that are substantially affiliated with the Putin regime, including from among those institutions described in subsection (e). (2) Requirement One of the financial institutions to be sanctioned pursuant to this subsection shall include Vnesheconombank. (d) Sanctions described The sanctions described in this subsection are the exercise of all powers granted to the President by the International Emergency Economic Powers Act ( 50 U.S.C. 1701 (e) Russian financial institutions described The financial institutions described in this subsection are the following: (1) Sberbank. (2) VTB Bank. (3) Gazprombank. (4) Bank of Moscow. (5) Rosselkhozbank. (6) Promsvyazbank. (f) Implementation; penalties (1) Implementation The President may exercise all authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act ( 50 U.S.C. 1702 (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (c) or any regulation, license, or order issued to carry out subsection (b) shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 (g) Termination The President may terminate the application of sanctions under subsection (c) with respect to a Russian financial institution if the President submits to Congress a notice of and justification for the termination. (h) Definitions In this section: (1) Person The term person (2) United States person The term United States person (A) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or (B) an entity organized under the laws of the United States or of any jurisdiction within the United States, including a foreign branch of such an entity.

Summary: Punishing Continued Occupation of Ukraine Act This bill directs the President to periodically determine whether Russia is in compliance with the Minsk agreement to halt the war in eastern Ukraine. If Russia is not in compliance with the agreement the President shall block and prohibit all transactions of U.S.-sited or -controlled property and property interests of at least three Russian financial institutions that are substantially affiliated with the Putin regime. (One of the financial institutions to be sanctioned is Vnesheconombank.) The President may terminate the application of sanctions upon submission to Congress of notice and justification for the termination.