This bill requires the President to take actions against Russian nuclear suppliers (e.g., Rosatom). (Rosatom is Russia's state nuclear power conglomerate.)

Specifically, the bill requires the President to impose property-blocking sanctions on Rosatom and others, including foreign persons involved in Rosatom’s construction of nuclear reactors.

Additionally, the President must submit to Congress a strategy to (1) replace Rosatom and other Russian nuclear suppliers with those from the United States and U.S. allies and partners, and (2) effect a permanent decoupling from the Russian nuclear industry. Within 60 days of submitting this strategy, the President must issue a directive prohibiting U.S. persons from engaging in any significant transaction with Rosatom and others involved with Rosatom.

The bill also requires the President to prescribe regulations to prohibit or impose strict conditions with respect to certain financial accounts held by foreign financial institutions.

The bill allows the President to waive the aforementioned sanctions under specified circumstances.

The President must, within 60 days of receiving a request from Congress, determine whether a person or foreign financial institution described in the request meets the criteria to be subject to sanctions imposed in two specified regulations relating to Russia. The President must submit a report to Congress stating whether the President imposed or intends to impose sanctions on persons or institutions described in the request from Congress.

The President must also pause the issuance of export licenses granted under a civil nuclear cooperation agreement with Russia until certain conditions are met.