Russian Sovereign Debt Prohibition Act of 2022

Bill: 117-hr-6900
Sponsor: full_name: Rep. Huizenga, Bill [R-MI-2]
Introduced: 2022-03-02
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Conflicts and wars

Europe

Foreign loans and debt

Military operations and strategy

Russia

Securities

Sovereignty, recognition, national governance and status

Ukraine
Latest action: action_date: 2022-03-02
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-03-02
action_desc: Introduced in House
text: <p><strong>Russian Sovereign Debt Prohibition Act of 2022 </strong></p> <p>This bill prohibits U.S. financial institutions from participating in the secondary Russian-backed bond market. This prohibition expires on the earlier of (1) 5 years after the date of enactment, or (2) 30 days after the President reports to Congress that Russia has ceased its destabilizing activities in Ukraine. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6900 IN THE HOUSE OF REPRESENTATIVES March 2, 2022 Mr. Huizenga introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Secretary of the Treasury to prohibit U.S. financial institutions from participating in the secondary market for certain Russian bonds.

1. Short title This Act may be cited as the Russian Sovereign Debt Prohibition Act of 2022 . 2. Prohibition on secondary market participation for Russian bonds (a) In general Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall prohibit U.S. financial institutions from participating in the secondary market for ruble or non-ruble denominated bonds issued by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation, regardless of the date on which such bonds were issued. (b) 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 Russia has ceased its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine. (c) U.S. financial institution defined The term U.S. financial institution has the meaning given that term under section 561.309 of title 31, Code of Federal Regulations.