Stop Russian GOLD Act of 2022

Bill: 117-s-3771
Sponsor: full_name: Sen. Cornyn, John [R-TX]
Introduced: 2022-03-07
Policy area: Finance and Financial Sector
Subjects: Europe

Financial services and investments

Metals

Presidents and presidential powers, Vice Presidents

Russia

Trade restrictions

U.S. and foreign investments

War and emergency powers
Latest action: action_date: 2022-03-07
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S1018-1019)

Summaries:
action_date: 2022-03-07
action_desc: Introduced in Senate
text: <p><strong>Stop Russian Government and Oligarchs from Limiting Democracy Act of 2022 or the Stop Russian GOLD Act of 2022</strong></p> <p>This bill prohibits a U.S. person from engaging in a transaction with a foreign person who purchases, transacts in, or transports Russian gold. </p>

tv_txt: II 117th CONGRESS 2d Session S. 3771 IN THE SENATE OF THE UNITED STATES March 7, 2022 Mr. Cornyn (for himself, Ms. Hassan , Mr. Hagerty , and Mr. King ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To prohibit United States persons from engaging in transactions with foreign persons that purchase or transact in gold from the Russian Federation.

1. Short title This Act may be cited as the Stop Russian Government and Oligarchs from Limiting Democracy Act of 2022 or the Stop Russian GOLD Act of 2022 . 2. Prohibition on transactions with foreign persons that purchase or transact in Russian gold (a) In general Any transaction by a United States person with a foreign person described in subsection (b) is prohibited. (b) Foreign person described A foreign person is described in this subsection if the foreign person— (1) purchases, transacts in, or transports between countries gold received from the Government of the Russian Federation, including from reserves of the Central Bank of the Russian Federation held outside the Russian Federation; or (2) engages in a transaction— (A) involving gold; and (B) that has a physical or electronic nexus to the Russian Federation. (c) Guidance Not later than 30 days after the date of the enactment of this Act, the Secretary of the Treasury shall publish guidance for United States persons with respect to compliance with this section, including guidance— (1) to ensure that United States persons are able to avoid unknowingly investing in or transacting with foreign persons described in subsection (b) through bundled or basked assets; and (2) to facilitate divestment from investment in and transactions with such foreign persons. (d) Implementation; penalties (1) Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (e) Definitions In this section: (1) Foreign person The term foreign person means an individual or entity that is not a United States person. (2) United states person The term United States person means— (A) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or (B) an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity.