Russia Trade and Investment Ban Act

Bill: 117-hr-6995
Sponsor: full_name: Rep. Perry, Scott [R-PA-10]
Introduced: 2022-03-08
Policy area: Foreign Trade and International Finance
Subjects: Administrative law and regulatory procedures

Europe

Financial services and investments

Foreign and international corporations

Presidents and presidential powers, Vice Presidents

Russia

Sanctions

Securities

Trade restrictions

U.S. and foreign investments

Ukraine

War and emergency powers
Latest action: action_date: 2022-03-08
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Foreign Affairs, and Financial Services, 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.

Summaries:
action_date: 2022-03-08
action_desc: Introduced in House
text: <p><strong>Russia Trade and Investment Ban Act</strong></p> <p>This bill requires the President to establish and maintain a total embargo on all trade with Russia, Crimea, and the regions of Donetsk and Luhansk in Ukraine.</p> <p>Additionally, the bill prohibits the purchase or sale (except for divestment purposes) of any publicly traded securities or related derivatives of entities incorporated in Russia, Crimea, or the regions of Donetsk and Luhansk in Ukraine, or their affiliates.</p> <p>The bill prohibits a U.S. person or person within the United States from evading or avoiding sanctions provided for by the bill.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6995 IN THE HOUSE OF REPRESENTATIVES March 8, 2022 Mr. Perry introduced the following bill; which was referred to the Committee on Ways and Means , and in addition to the Committees on Foreign Affairs , and Financial Services , 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 prohibit trade with the Russian Federation, and for other purposes.

1. Short title This Act may be cited as the Russia Trade and Investment Ban Act . 2. Prohibition on trade with the Russian Federation (a) In general The President shall establish and maintain a total embargo upon all trade between the United States and the Russian Federation, Crimea, and the regions of Donetsk and Luhansk in Ukraine. (b) Effective date The prohibition under subsection (a) shall take effect beginning at 12:01 a.m. eastern daylight time on the date that is 60 days after the date of the enactment of this Act. 3. Sanctions (a) In general Notwithstanding any other provision of law, the purchase or sale by a United States person of any publicly traded securities, or any publicly traded securities that are derivative of such securities or are designed to provide investment exposure to such securities, of any entity incorporated in the Russian Federation, Crimea, or the region of Donetsk or Luhansk in Ukraine, or any affiliate of such entity, is prohibited. (b) Effective date The prohibitions under subsection (a) shall take effect beginning at 12:01 a.m. eastern daylight time on the date that is 60 days after the date of the enactment of this Act. (c) Divestment The purchase or sale of publicly traded securities described in subsection (a) made solely to effect the divestment, in whole or in part, of such securities by a United States person is permitted prior to 12:01 a.m. eastern daylight time on the date that is 365 days after the date of the enactment of this Act, with respect to any entity incorporated in the Russian Federation, Crimea, or the region of Donetsk or Luhansk in Ukraine, or any affiliate of such entity. (d) Evasion of sanctions (1) In general The following actions are prohibited: (A) Any transactions by a United States person or within the United States that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate the prohibitions set forth in this section. (B) Any conspiracy formed to violate any of the prohibitions set forth in this section. (2) Penalties The authorization provided in subsection (e) may be used to apply penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) with respect to a person that knowingly violates, attempts to violate, conspires to violate, or causes a violation of regulations promulgated under such subsection (e) to the same extent that such penalties apply to a person that knowingly commits an unlawful act described in section 206(a) of such Act. (e) Authorization The Secretary of the Treasury, after consultation with the Secretary of State, the Director of National Intelligence, and the heads of other executive departments and agencies as determined appropriate by the Secretary of the Treasury, is authorized to take such actions, including the promulgation of rules and regulations, and to employ all powers granted to the President by the International Emergency Economic Powers Act, to carry out the purposes of this section. The Secretary of the Treasury may, consistent with applicable law, redelegate any of such functions within the Department of the Treasury. The heads of Federal departments and agencies shall take all appropriate measures within their authority to carry out the provisions of this section. 4. Definitions In this Act: (1) Affiliate The term affiliate — (A) has the meaning given such term in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of the enactment of this Act); (B) means a person that is closely associated with another person typically in a dependent or subordinate position; or (C) means a person that has a common purpose or shared characteristics with another person. (2) Entity The term entity means a government or instrumentality of such government, or a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization. (3) Person The term person means an individual or entity. (4) Publicly traded securities The term publicly traded securities includes any security (as such term is defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )), denominated in any currency that trades on a securities exchange or through the method of trading that is commonly referred to as over-the-counter , in any jurisdiction. (5) United States person The term United States person means— (A) any United States citizen, permanent resident alien, or entity (including foreign branches) organized under the laws of the United States or any jurisdiction within the United States; or (B) any person in the United States.