SEC. 2. EXPEDITED APPROVALS RELATED TO NATURAL 
GAS EXPORTS TO TREATY ALLIES AND PART-
NERS. 
(a) EXPORTATION OF NATURAL GAS.—Section 3(c) 
of the Natural Gas Act (15 U.S.C. 717b(c)) is amended— 
(1) by striking ‘‘or the’’ and inserting ‘‘the’’; 
and 
(2) by inserting ‘‘or the exportation of natural 
gas to a country that is a party to a mutual defense 
treaty with the United States’’ after ‘‘trade in nat-
ural gas,’’. 
(b) LNG TERMINALS.—The Federal Energy Regu-
latory Commission shall expedite the approval of applica-
tions under section 3 of the Natural Gas Act (15 U.S.C. 
717b) for the siting, construction, expansion, or operation 
of liquified natural gas terminals that are intended to be 
used for the exportation of natural gas to one or more 
countries that are a party to a mutual defense treaty with 
the United States. 
SEC. 3. OIL AND GAS LEASING AUTHORIZATION. 
The Secretary of the Interior shall, immediately and 
without further review, resume oil and gas leasing on pub-
lic land and offshore waters. 
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SEC. 4. IMPOSITION OF SANCTIONS WITH RESPECT TO RUS-
SIAN OIL AND GAS EXPORTS. 
(a) IN GENERAL.—Except as provided by this sec-
tion, beginning on the enactment of this Act, the Presi-
dent— 
(1) shall prohibit the opening, and prohibit or 
impose strict conditions on the maintaining, in the 
United States of a correspondent account or a pay-
able-through account by a foreign financial institu-
tion that the President determines has knowingly 
conducted or facilitated any financial transaction 
with the Central Bank of Russia or another Russia 
financial institution designated by the Secretary of 
the Treasury for the imposition of sanctions pursu-
ant to the International Emergency Economic Pow-
ers Act (50 U.S.C. 1701 et seq.); and 
(2) shall impose sanctions pursuant to the 
International Emergency Economic Powers Act (50 
U.S.C. et seq.) with respect to the Central Bank of 
Russia. 
(b) EXCEPTION FOR SALES OF FOOD, MEDICINE, 
AND MEDICAL DEVICES.—The President may not impose 
sanctions under subsection (a) with respect to any person 
for conducting or facilitating a transaction for the sale of 
food, medicine, or medical devices to Russia. 
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(c) APPLICABILITY OF SANCTIONS WITH RESPECT 
TO FOREIGN CENTRAL BANKS.—Except as provided in 
subsection (d), sanctions imposed under subsection (a)(1) 
shall apply with respect to a foreign financial institution 
owned or controlled by the government of a foreign coun-
try, including a central bank of a foreign country, only 
insofar as it engages in a financial transaction for the sale 
or purchase of petroleum or petroleum products to or from 
Russia conducted or facilitated on or after the date of the 
enactment of this Act. 
(d) APPLICABILITY OF SANCTIONS WITH RESPECT 
TO PETROLEUM TRANSACTIONS.— 
(1) REPORT
REQUIRED.—Not later than 60 
days after the date of the enactment of this Act, and 
every 60 days thereafter, the Administrator of the 
Energy Information Administration, in consultation 
with the Secretary of the Treasury, the Secretary of 
State, and the Director of National Intelligence, 
shall submit to Congress a report on the availability 
and price of petroleum and petroleum products pro-
duced in countries other than Russia in the 60-day 
period preceding the submission of the report. 
(2) DETERMINATION
REQUIRED.—Not later 
than 90 days after the date of the enactment of this 
Act, and every 180 days thereafter, the President 
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shall determine, based on the reports required by 
paragraph (1), whether the price and supply of pe-
troleum and petroleum products produced in coun-
tries other than Russia is sufficient to permit pur-
chasers of petroleum and petroleum products from 
Russia to reduce significantly in volume their pur-
chases from Russia. 
(3) APPLICATION
OF
SANCTIONS.—Except as 
provided in paragraph (4), sanctions imposed under 
subsection (a)(1) shall apply with respect to each fi-
nancial transaction conducted or facilitated by a for-
eign financial institution on or after the date of the 
enactment of this Act for the purchase of petroleum 
or petroleum products from Russia if the President 
determines pursuant to paragraph (2) that there is 
a sufficient supply of petroleum and petroleum prod-
ucts from countries other than Russia to permit a 
significant reduction in the volume of petroleum and 
petroleum products purchased from Russia by or 
through foreign financial institutions. 
(4) EXCEPTION.—Sanctions imposed pursuant 
to subsection (a) shall not apply with respect to a 
foreign financial institution if the President deter-
mines and reports to Congress, not later than 90 
days after the date on which the President makes 
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