EUROPE Act

To impose sanctions with respect to the importation of oil and natural gas from Russia, and for other purposes. 1. Short title This Act may be cited as the Energy Unleashing in Response to the Offenses of Putin against Europeans Act EUROPE Act 2. Expedited approvals related to natural gas exports to treaty allies and partners (a) Exportation of natural gas Section 3(c) of the Natural Gas Act ( 15 U.S.C. 717b(c) (1) by striking or the the (2) by inserting or the exportation of natural gas to a country that is a party to a mutual defense treaty with the United States trade in natural gas, (b) LNG terminals The Federal Energy Regulatory Commission shall expedite the approval of applications under section 3 of the Natural Gas Act ( 15 U.S.C. 717b 3. Oil and gas leasing authorization The Secretary of the Interior shall, immediately and without further review, resume oil and gas leasing on public land and offshore waters. 4. Imposition of sanctions with respect to Russian oil and gas exports (a) In general Except as provided by this section, beginning on the enactment of this Act, the President— (1) shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that the President determines has knowingly conducted or facilitated any financial transaction with the Central Bank of Russia or another Russia financial institution designated by the Secretary of the Treasury for the imposition of sanctions pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. (2) shall impose sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. et seq.) with respect to the Central Bank of Russia. (b) Exception for sales of food, medicine, and medical devices The President may not impose sanctions under subsection (a) with respect to any person for conducting or facilitating a transaction for the sale of food, medicine, or medical devices to Russia. (c) Applicability of sanctions with respect to foreign central banks Except as provided in subsection (d), sanctions imposed under subsection (a)(1) shall apply with respect to a foreign financial institution owned or controlled by the government of a foreign country, including a central bank of a foreign country, only insofar as it engages in a financial transaction for the sale or purchase of petroleum or petroleum products to or from Russia conducted or facilitated on or after the date of the enactment of this Act. (d) Applicability of sanctions with respect to petroleum transactions (1) Report required Not later than 60 days after the date of the enactment of this Act, and every 60 days thereafter, the Administrator of the Energy Information Administration, in consultation with the Secretary of the Treasury, the Secretary of State, and the Director of National Intelligence, shall submit to Congress a report on the availability and price of petroleum and petroleum products produced in countries other than Russia in the 60-day period preceding the submission of the report. (2) Determination required Not later than 90 days after the date of the enactment of this Act, and every 180 days thereafter, the President shall determine, based on the reports required by paragraph (1), whether the price and supply of petroleum and petroleum products produced in countries other than Russia is sufficient to permit purchasers of petroleum and petroleum products from Russia to reduce significantly in volume their purchases from Russia. (3) Application of sanctions Except as provided in paragraph (4), sanctions imposed under subsection (a)(1) shall apply with respect to each financial transaction conducted or facilitated by a foreign financial institution on or after the date of the enactment of this Act for the purchase of petroleum or petroleum products from Russia if the President determines pursuant to paragraph (2) that there is a sufficient supply of petroleum and petroleum products from countries other than Russia to permit a significant reduction in the volume of petroleum and petroleum products purchased from Russia by or through foreign financial institutions. (4) Exception Sanctions imposed pursuant to subsection (a) shall not apply with respect to a foreign financial institution if the President determines and reports to Congress, not later than 90 days after the date on which the President makes the determination required by paragraph (2), and every 180 days thereafter, that the country with primary jurisdiction over the foreign financial institution has significantly reduced its volume of crude oil purchases from Russia during the period beginning on the date on which the President submitted the last report with respect to the country under this subparagraph. 5. Export-import bank financing for certain energy-related exports Section 2(b)(1) of the Export-Import Bank Act of 1945 (12 U.S.C. 635 (b)(1)) is amended by adding at the end the following: (N) The Bank shall make available, from the aggregate loan, guarantee, and insurance authority available to the Bank, an amount to finance exports directly regarding clean energy technology, energy infrastructure, and production of natural resources, which shall have the goal of being not less than 25 percent of the authorizations for each fiscal year. It shall be a goal of the Bank to maximize the amount financed in cases in which an international strategic competitor is likely competing against a United States exporter for a contract dealing with energy technology or natural resources, or in cases in which a United States exporter is capable of fulfilling such a contract in a way that would produce lesser environmentally harmful emissions. The Bank shall report to Congress annually as to its progress in meeting these goals. .

Summary: Energy Unleashing in Response to the Offenses of Putin against Europeans Act or the EUROPE Act This bill expedites approvals for natural gas exports to certain countries, imposes sanctions related to Russia, and addresses various energy-related issues. Under this bill, an application to export natural gas to a country with a mutual defense treaty with the United States must be (1) deemed consistent with the public interest, and (2) granted without modification or delay. Further, the Federal Energy Regulatory Commission must expedite the approval for liquefied natural gas terminals intended for exporting natural gas to one or more of such treaty countries. The Department of the Interior must immediately resume oil and gas leasing on public land and offshore waters without further review. The bill also requires the President to, subject to various exceptions and conditions, impose sanctions related to (1) Russia's central bank, and (2) foreign financial institutions that knowingly facilitate transactions with Russia's central bank or other sanctioned Russian financial institutions. The Export-Import Bank (Ex-Im Bank) must make assistance available to finance exports directly regarding clean energy technology, energy infrastructure, and the production of natural resources, with the goal of using at least 25% of its annual authorizations for such assistance. The Ex-Im Bank must set a goal to maximize the amount financed in certain situations, such as when an international strategic competitor is likely competing against a U.S. exporter for an energy-related contract.