No Energy Revenues for Russian Hostilities Act of 2022

Bill: 117-hr-6894
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2022-03-02
Policy area: International Affairs
Subjects: Congressional oversight

Energy storage, supplies, demand

Europe

Foreign and international banking

Foreign property

Licensing and registrations

Oil and gas

Presidents and presidential powers, Vice Presidents

Russia

Sanctions
Latest action: action_date: 2022-03-02
text: Referred to the Committee on Foreign Affairs, and in addition to the Committee on 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: 2022-03-02
action_desc: Introduced in House
text: <p><strong>No Energy Revenues for Russian Hostilities Act of 2022</strong></p> <p>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.</p> <p>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.</p> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6894 IN THE HOUSE OF REPRESENTATIVES March 2, 2022 Mr. Barr (for himself, Ms. Tenney , Mr. Mast , and Mr. Green of Tennessee ) introduced the following bill; which was referred to the Committee on Foreign Affairs , and in addition to the Committee on 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 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.

1. Short title This Act may be cited as the No Energy Revenues for Russian Hostilities Act of 2022 . 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.