I 
118TH CONGRESS 
1ST SESSION H. R. 5512 
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 
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. 
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 2023’’. 
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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; 
(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 
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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-
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. 
Æ 
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