Title: Russia and Belarus Financial Sanctions Act of 2022
Policy area: Finance and Financial Sector

Summary:
Russia and Belarus Financial Sanctions Act
This bill requires a U.S. financial institution to take all necessary and available actions to ensure any entity or person owned or controlled by such institution complies with financial sanctions applicable to Russia or Belarus to the same extent required of that institution.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7066 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7066

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

                             March 11, 2022

 Mr. Sherman introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
Agriculture, for a period to be subsequently determined 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 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.

    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 ``Russia and Belarus Financial 
Sanctions Act''.

SEC. 2. REQUIREMENTS.

    (a) In General.--A United States financial institution 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 subsection (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 limitation described in 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 exchange, 
        securities, commodity futures, or options;
            (5) the procuring of purchasers and sellers described 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 applicable to a United States 
financial Institution.
    (d) United States Financial Institution Defined.--In this section, 
the term ``United States financial institution'' has the meaning given 
the term ``U.S. financial institution'' under section 561.309 of title 
31, Code of Federal Regulations.
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