I 
115TH CONGRESS 
2D SESSION 
H. R. 6423 
To impose sanctions with respect to certain Russian financial institutions. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 18, 2018 
Mr. COHEN introduced the following bill; which was referred to the Committee 
on Foreign Affairs 
A BILL 
To impose sanctions with respect to certain Russian financial 
institutions. 
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 ‘‘Punishing Continued 
Occupation of Ukraine Act’’. 
SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO CER-
TAIN RUSSIAN FINANCIAL INSTITUTIONS. 
(a) FINDINGS.—Congress finds the following: 
(1) On February 27, 2014, the Russian Federa-
tion unlawfully invaded Crimea and shortly there-
after intervened and occupied parts of Ukraine. 
VerDate Sep 11 2014 
21:17 Jul 23, 2018
Jkt 079200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6423.IH
H6423
amozie on DSK3GDR082PROD with BILLS
(2) Russia continues to flout the Minsk Ac-
cords, signed on September 5, 2014, by directly and 
indirectly supporting separatist forces in Ukraine. 
(3) Sanctions to date have failed to alter Rus-
sian President Vladimir Putin’s calculation regard-
ing Ukraine and the Crimea. 
(4) The Putin regime relies on several large fi-
nancial 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 com-
pliance 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 institu-
tions described in subsection (e). 
VerDate Sep 11 2014 
21:17 Jul 23, 2018
Jkt 079200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6423.IH
H6423
amozie on DSK3GDR082PROD with BILLS
(2) REQUIREMENT.—One of the financial insti-
tutions to be sanctioned pursuant to this subsection 
shall include Vnesheconombank. 
(d) SANCTIONS
DESCRIBED.—The sanctions de-
scribed 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 et seq.) to the ex-
tent necessary to block and prohibit all transactions in all 
property and interests in property of a financial institution 
determined by the President to be subject to subsection 
(b)(1) if such property and interests in property are in 
the United States, come within the United States, or are 
or come within the possession or control of a United 
States person. 
(e) 
RUSSIAN
FINANCIAL
INSTITUTIONS
DE-
SCRIBED.—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.— 
VerDate Sep 11 2014 
21:17 Jul 23, 2018
Jkt 079200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6423.IH
H6423
amozie on DSK3GDR082PROD with BILLS
(1) IMPLEMENTATION.—The President may ex-
ercise all authorities provided to the President under 
sections 203 and 205 of the International Emer-
gency Economic Powers Act (50 U.S.C. 1702 and 
1704) to carry out subsection (c). 
(2) PENALTIES.—A person that violates, at-
tempts 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 Emer-
gency Economic Powers Act (50 U.S.C. 1705) to the 
same extent as a person that commits an unlawful 
act described in subsection (a) of that section. 
(g) TERMINATION.—The President may terminate 
the application of sanctions under subsection (c) with re-
spect 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’’ means an in-
dividual or entity. 
(2) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’ means— 
VerDate Sep 11 2014 
21:17 Jul 23, 2018
Jkt 079200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6423.IH
H6423
amozie on DSK3GDR082PROD with BILLS
(A) a United States citizen or an alien law-
fully 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. 
Æ 
VerDate Sep 11 2014 
21:17 Jul 23, 2018
Jkt 079200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H6423.IH
H6423
amozie on DSK3GDR082PROD with BILLS