[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6423 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6423

     To impose sanctions with respect to certain Russian financial 
                             institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 18, 2018

  Mr. Cohen introduced the following bill; which was referred to the 
                      Committee on Foreign Affairs

_______________________________________________________________________

                                 A BILL


 
     To impose sanctions with respect to certain Russian financial 
                             institutions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Punishing Continued Occupation of 
Ukraine Act''.

SEC. 2. IMPOSITION OF SANCTIONS WITH RESPECT TO CERTAIN RUSSIAN 
              FINANCIAL INSTITUTIONS.

    (a) Findings.--Congress finds the following:
            (1) On February 27, 2014, the Russian Federation unlawfully 
        invaded Crimea and shortly thereafter intervened and occupied 
        parts of Ukraine.
            (2) Russia continues to flout the Minsk Accords, signed on 
        September 5, 2014, by directly and indirectly supporting 
        separatist forces in Ukraine.
            (3) Sanctions to date have failed to alter Russian 
        President Vladimir Putin's calculation regarding Ukraine and 
        the Crimea.
            (4) The Putin regime relies on several large financial 
        institutions to implement its policies and keep the regime 
        afloat.
    (b) In General.--Not later than 60 days after the date of the 
enactment of this Act, and every 180 days thereafter for 5 years, the 
President shall determine whether the Russian Federation is in 
compliance with the Minsk Accords.
    (c) Imposition of Sanctions.--
            (1) In general.--If the President, pursuant to subsection 
        (b), determines that Russia is not in compliance with the Minsk 
        Accords, the President shall impose the sanctions described in 
        subsection (d) with respect to not less than three Russian 
        financial institutions that are substantially affiliated with 
        the Putin regime, including from among those institutions 
        described in subsection (e).
            (2) Requirement.--One of the financial institutions to be 
        sanctioned pursuant to this subsection shall include 
        Vnesheconombank.
    (d) Sanctions Described.--The sanctions described in this 
subsection are the exercise of all powers granted to the President by 
the International Emergency Economic Powers Act (50 U.S.C. 1701 et 
seq.) to the extent necessary to block and prohibit all transactions in 
all property and interests in property of a financial institution 
determined by the President to be subject to subsection (b)(1) if such 
property and interests in property are in the United States, come 
within the United States, or are or come within the possession or 
control of a United States person.
    (e) Russian Financial Institutions Described.--The financial 
institutions described in this subsection are the following:
            (1) Sberbank.
            (2) VTB Bank.
            (3) Gazprombank.
            (4) Bank of Moscow.
            (5) Rosselkhozbank.
            (6) Promsvyazbank.
    (f) Implementation; Penalties.--
            (1) Implementation.--The President may exercise all 
        authorities provided to the President under sections 203 and 
        205 of the International Emergency Economic Powers Act (50 
        U.S.C. 1702 and 1704) to carry out subsection (c).
            (2) Penalties.--A person that violates, attempts to 
        violate, conspires to violate, or causes a violation of 
        subsection (c) or any regulation, license, or order issued to 
        carry out subsection (b) 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.
    (g) Termination.--The President may terminate the application of 
sanctions under subsection (c) with respect to a Russian financial 
institution if the President submits to Congress a notice of and 
justification for the termination.
    (h) Definitions.--In this section:
            (1) Person.--The term ``person'' means an individual or 
        entity.
            (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 of any jurisdiction within the United 
                States, including a foreign branch of such an entity.
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