IB 
Union Calendar No. 239 
117TH CONGRESS 
2D SESSION 
H. R. 7066 
[Report No. 117–319, 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 
MARCH 11, 2022 
Mr. SHERMAN introduced the following bill; which was referred to the Com-
mittee on Financial Services, and in addition to the Committee on Agri-
culture, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
MAY 10, 2022 
Additional sponsors: Mr. HILL and Ms. GARCIA of Texas 
MAY 10, 2022 
Reported from the Committee on Financial Services with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
MAY 10, 2022 
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 March 11, 2022] 
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A BILL 
To require United States financial institutions to ensure 
entities and persons owned or controlled by the institu-
tion comply with financial sanctions on the Russian Fed-
eration and the Republic of Belarus to the same extent 
as the institution itself, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Russia and Belarus Fi-
nancial Sanctions Act of 2022’’. 
SEC. 2. REQUIREMENTS. 
(a) IN GENERAL.—A United States financial institu-
tion shall take all actions necessary and available to cause 
any entity or person owned or controlled by the institution 
to comply with any provision of law described in subsection 
(b) to the same extent as required of a United States finan-
cial institution. 
(b) PROVISION OF LAW DESCRIBED.—A provision of 
law described in this subsection is any prohibition or limi-
tation described in a sanctions-related statute, regulation 
or order applicable to a United States financial institution 
concerning the Russian Federation or the Republic of 
Belarus, involving— 
(1) the conduct of transactions; 
(2) the acceptance of deposits; 
(3) the making, granting, transferring, holding, 
or brokering of loans or credits; 
(4) the purchasing or selling of foreign exchange, 
securities, commodity futures, or options; 
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(5) the procuring of purchasers and sellers de-
scribed under paragraph (4) as principal or agent; or 
(6) any other good or service provided by a 
United States financial institution. 
(c) PENALTY.—A United States financial institution 
that violates subsection (a) shall be subject to the penalties 
described in the applicable statute, regulation or order ap-
plicable to a United States financial Institution. 
(d) UNITED STATES FINANCIAL INSTITUTION DE-
FINED.—In this section, the term ‘‘United States financial 
institution’’ means any U.S. entity (including its foreign 
branches) that is engaged in the business of accepting depos-
its, making, granting, transferring, holding, or brokering 
loans or credits, or purchasing or selling foreign exchange, 
securities, futures or options, or procuring purchasers and 
sellers thereof, as principal or agent. It includes depository 
institutions, banks, savings banks, money services busi-
nesses, operators of credit card systems, trust companies, 
insurance companies, securities brokers and dealers, futures 
and options brokers and dealers, forward contract and for-
eign exchange merchants, securities and commodities ex-
changes, clearing corporations, investment companies, em-
ployee benefit plans, dealers in precious metals, stones, or 
jewels, and U.S. holding companies, U.S. affiliates, or U.S. 
subsidiaries of any of the foregoing. This term includes those 
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