A resolution expressing the sense of the Senate on ending the access of Russian financial institutions to specialized financial messaging services.

Bill: 117-sres-548
Sponsor: full_name: Sen. Blackburn, Marsha [R-TN]
Introduced: 2022-03-16
Policy area: Finance and Financial Sector
Subjects: Alliances

Europe

Foreign and international banking

International organizations and cooperation

Russia

Sanctions
Latest action: action_date: 2022-03-16
text: Referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S1226-1227)

Summaries:
action_date: 2022-03-16
action_desc: Introduced in Senate
text: <p>This resolution urges the President to end access to specialized financial messaging services by Russian financial institutions. </p>

tv_txt: III 117th CONGRESS 2d Session S. RES. 548 IN THE SENATE OF THE UNITED STATES March 16, 2022 Mrs. Blackburn (for herself and Mr. Blumenthal ) submitted the following resolution; which was referred to the Committee on Banking, Housing, and Urban Affairs RESOLUTION Expressing the sense of the Senate on ending the access of Russian financial institutions to specialized financial messaging services.

Whereas providers of specialized financial messaging services are a critical link to the international financial system; Whereas the European Union, Japan, Canada, and other partners of the United States are to be commended for strengthening the multilateral sanctions regime against the Russian Federation; Whereas, while the expulsion of selected Russian financial institutions from specialized financial messaging services is a first step, that expulsion alone is not sufficient to address the scope and scale at which the Government of the Russian Federation is waging war against Ukraine; and Whereas, once achieved, the complete loss of access by Russian financial institutions to specialized financial messaging services must be maintained: Now, therefore, be it

That— (1) the Senate urges the President, in the strongest possible terms, to immediately take all measures necessary to remove all Russian financial institutions from access to specialized financial messaging services, including by working with allies and partners of the United States to execute that removal multilaterally; (2) it is the sense of the Senate that the Russian financial institutions covered by paragraph (1) include— (A) Sberbank; (B) VTB; (C) Gazprombank; (D) VEB.RF; (E) The Russian Direct Investment Fund; (F) Credit Bank of Moscow; (G) Alfa Bank; (H) Rosselkhozbank; (I) FC Bank Otkritie; (J) Promsvyazbank; (K) Sovcombank; (L) Transkapitalbank; (M) Tinkoff Bank; and (N) any financial institution that is owned or controlled by, or is a successor to, a financial institution specified in any of subparagraphs (A) through (M); and (3) it is the sense of the Senate that any package of sanctions imposed with respect to the Russian Federation is strengthened by working in concert with allies and partners of the United States.