SEC. 316. TAXING CAPITAL GAINS ON RUSSIAN SOVEREIGN 
ASSETS. 
(a) IN GENERAL.—Not later than 15 days after mak-
ing an affirmative determination under section 301, not-
withstanding any other provision of law, there is hereby 
imposed for each taxable year on the disqualified income 
of any specified foreign government a tax equal to 100 
percent thereof. 
(b) WITHHOLDING.— 
(1) IN GENERAL.—Notwithstanding section 203 
of the International Emergency Economic Powers 
Act (or any other provision of law), any person hav-
ing control, receipt, custody, disposal, or payment of 
disqualified income with respect to which tax is im-
posed under subsection (a) shall deduct and withhold 
from such income a tax equal to 100 percent there-
of. 
(2) APPLICATION
OF
CERTAIN
RULES.—For 
purposes of subchapter B of chapter 3, section 33, 
and such other provisions as the Secretary may pro-
vide, paragraph (1) shall be treated as part of sub-
chapter A of chapter 3. 
(c) DEFINITIONS.—For purposes of this section: 
(1) DISQUALIFIED
INCOME.—The term ‘‘dis-
qualified income’’ means any interest or dividends 
payable with respect to assets which are blocked 
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using the authorities provided by section 203 of the 
International Emergency Economic Powers Act. 
(2) SPECIFIED
FOREIGN
GOVERNMENT.—The 
term ‘‘specified foreign government’’ means the for-
eign governments (within the meaning of section 892 
of the Internal Revenue Code of 1986 and the regu-
lations issued thereunder) of Russia and Belarus. 
(d) OVERRIDE OF TREATY OBLIGATIONS.—Notwith-
standing any other provision of law, this section (and the 
amendments made by this section) shall apply without re-
gard to any treaty obligation of the United States. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to interest and dividends received 
after the date of the enactment of this Act. 
SEC. 317. SANCTIONS DESCRIBED. 
The sanctions described in this section are the fol-
lowing: 
(1) PROPERTY BLOCKING.—The President shall 
exercise all of the powers granted by the Inter-
national Emergency Economic Powers Act (50 
U.S.C. 1701 et seq.) to the extent necessary to block 
and prohibit all transactions in all property and in-
terests in property of the foreign person if such 
property and interests in property are in the United 
States, come within the United States, or are or 
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come within the possession or control of a United 
States person. 
(2) ALIENS INADMISSIBLE FOR VISAS, ADMIS-
SION, OR PAROLE.— 
(A) VISAS, ADMISSION, OR
PAROLE.—In 
the case of an alien, the alien is— 
(i) inadmissible to the United States; 
(ii) ineligible to receive a visa or other 
documentation to enter the United States; 
and 
(iii) otherwise ineligible to be admitted 
or paroled into the United States or to re-
ceive any other benefit under the Immigra-
tion and Nationality Act (8 U.S.C. 1101 et 
seq.). 
(B) CURRENT VISAS REVOKED.— 
(i) IN GENERAL.—The visa or other 
entry documentation of an alien described 
in subparagraph (A) shall be revoked, re-
gardless of when such visa or other entry 
documentation is or was issued. 
(ii) IMMEDIATE
EFFECT.—A revoca-
tion under clause (i) shall— 
(I) take effect immediately; and 
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(II) automatically cancel any 
other valid visa or entry documenta-
tion that is in the alien’s possession. 
(3) LOANS
FROM
INTERNATIONAL
FINANCIAL 
INSTITUTIONS.—The President shall direct the 
United States Executive Director of each inter-
national financial institution to use the voice, vote, 
and influence of the United States to oppose any 
loan, loan guarantee, or equity investment from the 
international financial institution that would directly 
or indirectly benefit the sanctioned foreign person. 
SEC. 318. IMPLEMENTATION; REGULATIONS; PENALTIES. 
(a) 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 and 1704) to carry out this 
title. 
(b) REGULATIONS.—The President shall issue such 
regulations, licenses, and orders as are necessary to carry 
out this title. 
(c) PENALTIES.—A person that violates, attempts to 
violate, conspires to violate, or causes a violation of this 
Act or any regulation, license, or order issued to carry out 
this title shall be subject to the penalties set forth in sub-
sections (b) and (c) of section 206 of the International 
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Emergency Economic Powers Act (50 U.S.C. 1705(b) and 
1705(c)). 
SEC. 319. EXCEPTIONS; WAIVER. 
(a) EXCEPTIONS.— 
(1) EXCEPTION
TO
COMPLY
WITH
INTER-
NATIONAL
OBLIGATIONS.—Sanctions described in 
section 317(2) shall not apply with respect to the 
admission of an alien if admitting or paroling the 
alien into the United States is necessary to permit 
the United States to comply with the Agreement re-
garding the Headquarters of the United Nations, 
signed at Lake Success June 26, 1947, and entered 
into force November 21, 1947, between the United 
Nations and the United States, or other applicable 
international obligations. 
(2) EXCEPTION RELATING TO THE PROVISION 
OF
HUMANITARIAN
ASSISTANCE.—Sanctions under 
this title may not be imposed with respect to trans-
actions or the facilitation of transactions for— 
(A) the sale of agricultural commodities, 
food, medicine, or medical devices; or 
(B) the provision of humanitarian assist-
ance; or 
(C) financial transactions relating to hu-
manitarian assistance; 
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