HR 7066 RFS
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 
Financial 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 sub-
section (b) to the same extent as required of a United 
States financial 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 ex-
change, 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 de-
posits, making, granting, transferring, holding, or 
brokering loans or credits, or purchasing or selling foreign 
exchange, securities, futures or options, or procuring pur-
chasers and sellers thereof, as principal or agent. It in-
cludes depository institutions, banks, savings banks, 
money services businesses, operators of credit card sys-
tems, trust companies, insurance companies, securities 
brokers and dealers, futures and options brokers and deal-
ers, forward contract and foreign exchange merchants, se-
curities and commodities exchanges, clearing corporations, 
investment companies, employee benefit plans, dealers in 
precious metals, stones, or jewels, and U.S. holding com-
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panies, U.S. affiliates, or U.S. subsidiaries of any of the 
foregoing. This term includes those branches, offices, and 
agencies of foreign financial institutions that are located 
in the United States, but not such institutions’ foreign 
branches, offices, or agencies. 
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 
The budgetary effects of this Act, for the purpose of 
complying with the Statutory Pay-As-You-Go Act of 2010, 
shall be determined by reference to the latest statement 
titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 
Act, submitted for printing in the Congressional Record 
by the Chairman of the House Budget Committee, pro-
vided that such statement has been submitted prior to the 
vote on passage. 
Passed the House of Representatives May 11, 2022. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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