No Energy Revenues for Russian Hostilities Act of 2022
Bill: H.R.6894 | Sponsor: Rep. Barr, Andy (R-KY)
Policy area: International Affairs

Summary:
No Energy Revenues for Russian Hostilities Act of 2022
This bill prohibits, with some exceptions, the Department of the Treasury from authorizing certain energy-related transactions that would otherwise be blocked by an executive order barring transactions related to specified harmful foreign activities of the Russian government.
The bill also revokes a license issued February 28, 2022, by the Office of Foreign Assets Control within Treasury that authorized certain transactions barred by the executive order.
The bill allows a waiver from the limitation on an energy transaction if the transaction involves funds owed to a Russian person and the funds are to be used for the sale of agricultural commodities, food, medicine, or medical devices. The bill terminates on the earlier of five years after its enactment, or 30 days after the President reports to Congress that Russia has ceased activities destabilizing the sovereignty and territorial integrity of Ukraine.

To limit the authority of the Secretary of the Treasury to authorize 
   United States financial institutions to engage in certain Russian-
 related energy transactions blocked by Executive Order 14024, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Energy Revenues for Russian 
Hostilities Act of 2022''.

SEC. 2. LIMITATION ON AUTHORIZING CERTAIN RUSSIAN-RELATED ENERGY 
              TRANSACTIONS.

    (a) In General.--The Secretary of the Treasury may not authorize a 
United States financial institution to engage in a transaction 
described under General License No. 8A, dated February 28, 2022, with 
respect to Executive Order 14024 of April 15, 2021 (``Blocking Property 
With Respect To Specified Harmful Foreign Activities of the Government 
of the Russian Federation'').
    (b) Termination of General License No. 8A.--General License No. 8A, 
dated February 28, 2022, shall have no force or effect.
    (c) Waiver.--The Secretary may waive subsection (a) for up to 90 
days at a time for a specific transaction upon certifying to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate that--
            (1) the transaction involves funds owed to a Russian 
        person; and
            (2) the funds, subject to approval by the Secretary, are to 
        be used for the sale of agricultural commodities, food, 
        medicine, or medical devices.
    (d) Termination.--Subsection (a) shall have no force or effect on 
the earlier of--
            (1) the date that is 5 years after the date of enactment of 
        this Act; or
            (2) 30 days after the date that the President reports to 
        Congress that the Government of the Russian Federation has 
        ceased its destabilizing activities with respect to the 
        sovereignty and territorial integrity of Ukraine.
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