(1) not later than 15 days after the date of the 
enactment of this Act; 
(2) after the first determination under para-
graph (1), not less frequently than every 30 days (or 
more frequently as warranted) during the 1-year pe-
riod beginning on such date of enactment; and 
(3) after the end of that 1-year period, not less 
frequently than every 90 days. 
(c) REPORT REQUIRED.—Upon making a determina-
tion under subsection (a), the President shall submit a re-
port on the determination to— 
(1) the committees specified in subsection (e); 
(2) the majority leader and the minority leader 
of the Senate; and 
(3) the Speaker and the minority leader of the 
House of Representatives. 
(d) CONGRESSIONAL REQUESTS.— 
(1) IN GENERAL.—Not later than 10 days after 
receiving a request from the chairman or ranking 
member of one of the committees specified in sub-
section (e) with respect to whether the Russian Fed-
eration, including through any of its proxies, has en-
gaged in an act described in subsection (a), the 
President shall— 
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(A) determine if the Russian Federation 
has engaged in such an act; and 
(B) submit a report on that determination, 
with a detailed explanation, to the committees 
specified in subsection (e). 
(2) FAILURE
OF
PRESIDENTIAL
DETERMINA-
TION.—The failure of the President to submit a re-
port required by subparagraph (B) of paragraph (1) 
by the date required by that paragraph shall have 
the same effect as if the President had made an af-
firmative determination under subsection (a). 
(e) COMMITTEES SPECIFIED.—The committees speci-
fied in this subsection are— 
(1) the Committee on Foreign Relations, the 
Committee on Armed Services, and the Select Com-
mittee on Intelligence of the Senate; and 
(2) the Committee on Foreign Affairs, the 
Committee on Armed Services, and the Permanent 
Select Committee on Intelligence of the House of 
Representatives. 
(f) FORM.—Presidential determinations submitted 
pursuant to this section shall be unclassified, but may in-
clude a classified annex produced consistent with the pro-
tection of sources and methods. 
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SEC. 322. IMPOSITION OF SANCTIONS WITH RESPECT TO 
NORD STREAM 2. 
(a) IN GENERAL.—Upon making an affirmative de-
termination under section 321 and not later than 10 days 
following such a determination, the President shall impose 
the sanctions described in section 351 with respect to a 
foreign person that is— 
(1) any entity established for or responsible for 
the planning, construction, or operation of the Nord 
Stream 2 pipeline or a successor entity, including 
Nord Stream 2 AG; and 
(2) any corporate officer of an entity described 
in paragraph (1). 
(b) NO WAIVER.—No waiver under section 353 or 
any other provision of law applies with respect to sanctions 
under subsection (a). 
(c) REPEAL OF WAIVER UNDER PROTECTING EU-
ROPE’S ENERGY SECURITY ACT.—Section 7503 of the 
Protecting Europe’s Energy Security Act of 2019 (title 
LXXV of Public Law 116–92; 22 U.S.C. 9526 note) is 
amended by striking subsection (f). 
SEC. 323. IMPOSITION OF SANCTIONS WITH RESPECT TO 
RUSSIAN FINANCIAL INSTITUTIONS. 
(a) IMPOSITION OF SANCTIONS.— 
(1) IN GENERAL.— 
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(A) SPECIFIED RUSSIAN FINANCIAL INSTI-
TUTIONS.—Upon making an affirmative deter-
mination under section 321 and not later than 
30 days following such a determination, the 
President shall impose the sanctions described 
in section 351(1) with respect to each of the 
following financial institutions: 
(i) VTB. 
(ii) VEB.RF. 
(iii) The Russian Direct Investment 
Fund. 
(iv) Alfa Bank. 
(B) ADDITIONAL SPECIFIED RUSSIAN FI-
NANCIAL INSTITUTIONS.— 
(i) IN
GENERAL.—Upon making an 
affirmative determination under section 
321 and not later than 30 days following 
such a determination, the President shall, 
subject to clause (ii), impose the sanctions 
described in paragraph (1) or (2) of sec-
tion 351 with respect to each of the fol-
lowing financial institutions: 
(I) Sberbank. 
(II) Gazprombank. 
(III) Credit Bank of Moscow. 
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(IV) Rosselkhozbank. 
(V) FC Bank Otkritie. 
(VI) Promsvyazbank. 
(VII) Sovcombank. 
(VIII) Transkapitalbank. 
(IX) Any other comparable Rus-
sian financial institution as deter-
mined by the President. 
(ii) TYPE OF SANCTIONS.—The Presi-
dent shall impose the sanctions described 
in section 351(1) with respect to not fewer 
than 4 of the financial institutions speci-
fied in clause (i). 
(2) SUBSIDIARIES AND SUCCESSOR ENTITIES.— 
(A) IN GENERAL.—The President shall im-
pose, with respect to any financial institution 
described in subparagraph (B), the sanctions 
described in section 351 that the President de-
termines are equivalent to the sanctions im-
posed with respect to financial institutions spec-
ified in paragraph (1). 
(B) 
FINANCIAL
INSTITUTIONS
DE-
SCRIBED.—A financial institution described in 
this subparagraph is a financial institution— 
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(i) owned or controlled by, or that is 
a successor to, a financial institution speci-
fied in paragraph (1); or 
(ii) used or established for the pur-
pose of evading sanctions under this sec-
tion. 
(b) ADDITIONAL
RUSSIAN
FINANCIAL
INSTITU-
TIONS.— 
(1) LIST REQUIRED.—Not later than 30 days 
after making an affirmative determination under 
section 321, and every 90 days thereafter, the Presi-
dent shall submit to the appropriate committees of 
Congress a list of foreign persons that the President 
determines— 
(A) are financial institutions— 
(i) owned or operated by the Govern-
ment of the Russian Federation; or 
(ii) that are owned or controlled by, or 
are successors to, a financial institution 
described in clause (i); and 
(B) with respect to which sanctions should 
be imposed in the interest of national security 
of the United States. 
(2) IMPOSITION OF SANCTIONS.—Upon the sub-
mission of each list required by paragraph (1), the 
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