IB 
Union Calendar No. 255 
118TH CONGRESS 
1ST SESSION H. R. 5512 
[Report No. 118–316, 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 
SEPTEMBER 14, 2023 
Mr. SHERMAN (for himself and Mrs. BEATTY) introduced the following bill; 
which was referred to the Committee on Financial Services, and in addi-
tion to the Committee on Agriculture, for a period to be subsequently de-
termined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
DECEMBER 13, 2023 
Additional sponsors: Mr. HILL and Ms. GARCIA of Texas 
DECEMBER 13, 2023 
Reported from the Committee on Financial Services with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
DECEMBER 13, 2023 
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 September 14, 2023] 
VerDate Sep 11 2014 
23:57 Dec 13, 2023
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H5512.RH
H5512
kjohnson on DSK7ZCZBW3PROD with $$_JOB
A BILL 
To require United States financial institutions to ensure 
entities and persons owned or controlled by the institu-
tion comply with financial sanctions on the Russian Fed-
eration and the Republic of Belarus to the same extent 
as the institution itself, and for other purposes. 
VerDate Sep 11 2014 
23:57 Dec 13, 2023
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6652
E:\BILLS\H5512.RH
H5512
kjohnson on DSK7ZCZBW3PROD with $$_JOB
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 2023’’. 
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; 
VerDate Sep 11 2014 
23:57 Dec 13, 2023
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H5512.RH
H5512
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(5) the procuring of purchasers and sellers de-
scribed under paragraph (4) as principal or agent; or 
(6) any other good or service provided by a 
United States financial institution. 
(c) PENALTY.—A United States financial institution 
that violates subsection (a) shall be subject to the penalties 
described in the applicable statute, regulation, or order ap-
plicable to a United States financial institution. 
(d) UNITED STATES FINANCIAL INSTITUTION DE-
FINED.—In this section, the term ‘‘United States financial 
institution’’ means any U.S. entity (including its foreign 
branches) that is engaged in the business of accepting depos-
its, making, granting, transferring, holding, or brokering 
loans or credits, or purchasing or selling foreign exchange, 
securities, futures or options, or procuring purchasers and 
sellers thereof, as principal or agent. It includes depository 
institutions, banks, savings banks, money services busi-
nesses, operators of credit card systems, trust companies, 
insurance companies, securities brokers and dealers, futures 
and options brokers and dealers, forward contract and for-
eign exchange merchants, securities and commodities ex-
changes, clearing corporations, investment companies, em-
ployee benefit plans, dealers in precious metals, stones, or 
jewels, and U.S. holding companies, U.S. affiliates, or U.S. 
subsidiaries of any of the foregoing. This term includes those 
VerDate Sep 11 2014 
23:57 Dec 13, 2023
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H5512.RH
H5512
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Union Calendar No. 255 
118TH CONGRESS 
1ST SESSION 
H. R. 5512 
[Report No. 118–316, Part I] 
A BILL 
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. 
DECEMBER 13, 2023 
Reported from the Committee on Financial Services with 
an amendment 
DECEMBER 13, 2023 
Committee on Agriculture discharged; committed to the 
Committee of the Whole House on the State of the 
Union and ordered to be printed 
VerDate Sep 11 2014 
23:57 Dec 13, 2023
Jkt 049200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H5512.RH
H5512
kjohnson on DSK7ZCZBW3PROD with $$_JOB