tember 5, 2014, by directly and indirectly com-
manding separatist forces in Ukraine. 
(3) Sanctions to date have failed to alter Rus-
sian President Vladimir Putin’s calculation regard-
ing Crimea and eastern Ukraine. 
(4) Russia relies on sovereign debt to finance 
the government. If denied access to these funds, 
Russia would be forced to cut spending, increase 
taxes, draw down its foreign exchange reserves, or 
seek alternative sources of financing, increasing the 
economic pressures facing the economy. 
SEC. 323. PROHIBITION AGAINST UNITED STATES RECOGNI-
TION OF RUSSIA’S ANNEXATION OF CRIMEA. 
(a) STATEMENT OF POLICY.—It is the policy of the 
United States not to recognize the de jure or de facto sov-
ereignty of the Russian Federation over Crimea, its air-
space, or its territorial waters. 
(b) PROHIBITION.—In accordance with subsection 
(a), no Federal department or agency may take any action 
or extend any assistance that recognizes or implies rec-
ognition of the de jure or de facto sovereignty of the Rus-
sian Federation over Crimea, its airspace, or its territorial 
waters. 
(c) WAIVER.—The President may waive the prohibi-
tion under subsection (a) or (b) if the President deter-
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mines that it is vital to the national security interests of 
the United States to do so. 
SEC. 324. IMPOSITION OF SANCTIONS WITH RESPECT TO 
CERTAIN 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. 
(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-
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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). 
(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. 
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(3) Gazprombank. 
(4) Bank of Moscow. 
(5) Rosselkhozbank. 
(6) Promsvyazbank. 
(f) IMPLEMENTATION; PENALTIES.— 
(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: 
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(1) PERSON.—The term ‘‘person’’ means an in-
dividual or entity. 
(2) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’ means— 
(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. 
Subtitle D—General Provisions To 
Bolster Alliances 
SEC. 331. STRATEGY FOR OFFENSIVE USE OF CYBER CAPA-
BILITIES. 
(a) STRATEGY REQUIRED.—The President shall de-
velop a written strategy for the offensive use of cyber ca-
pabilities by departments and agencies of the Federal Gov-
ernment. 
(b) ELEMENTS.—The strategy developed under sub-
section (a) shall include, at minimum— 
(1) a description of enhancements that are 
needed to improve the offensive cyber capabilities of 
the United States and partner nations, including 
NATO member states; and 
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