No Energy Revenues for Russian Hostilities Act of 2023

Bill: 118-hr-759
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2023-02-02
Policy area: International Affairs
Latest action: action_date: 2023-02-02
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-02-02
action_desc: Introduced in House
text: <p><strong>No Energy Revenues for Russian Hostilities Act of 2023</strong></p> <p>This bill prohibits the Department of the Treasury from authorizing certain energy-related transactions involving Russia that would otherwise be blocked by an executive order.</p> <p>An <a href="https://www.federalregister.gov/documents/2021/04/19/2021-08098/blocking-property-with-respect-to-specified-harmful-foreign-activities-of-the-government-of-the">April 15, 2021, executive order</a> blocked certain transactions involving foreign persons (individuals or entities) related to Russia. These include transactions involving persons (1) operating in Russia's defense or technology sectors; (2) involved in Russian government attempts to interfere with the democratic processes of other countries; or (3) engaged in attempts to disrupt energy supplies to Europe, the Caucasus, or Asia. However, Treasury has issued licenses that authorized certain energy-related transactions that would otherwise be blocked by the executive order. </p> <p>The bill prohibits Treasury from authorizing (or continuing to authorize) certain transactions that it had authorized on December 15, 2022, under <a href="https://www.federalregister.gov/documents/2023/03/21/2023-05649/publication-of-russian-harmful-foreign-activities-sanctions-regulations-web-general-licenses-8e-58">General License No. 8E</a>. Treasury may waive this prohibition upon certifying to Congress that (1) the waiver applies only to transactions involving funds owed to a Russian person; and (2) the funds are to be used for the sale of agricultural commodities, food, medicine, or medical devices. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 759 IN THE HOUSE OF REPRESENTATIVES February 2, 2023 Mr. Barr introduced the following bill; which was referred to the Committee on Financial Services 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.

1. Short title This Act may be cited as the No Energy Revenues for Russian Hostilities Act of 2023 . 2. Limitation on authorizing certain Russian-related energy transactions (a) In general The Secretary of the Treasury may not authorize, or continue in effect any existing authorization for, a United States financial institution to engage in a transaction described under General License No. 8E, dated December 15, 2022, with respect to Executive Order 14024 of April 15, 2021. (b) Waiver The Secretary may waive subsection (a) for up to 90 days at a time for a United States financial institution 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 waiver is only applicable to transactions that involve 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. (c) 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.