[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6995 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 6995

 To prohibit trade with the Russian Federation, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 8, 2022

  Mr. Perry introduced the following bill; which was referred to the 
   Committee on Ways and Means, and in addition to the Committees on 
      Foreign Affairs, and Financial Services, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
 To prohibit trade with the Russian Federation, and for other purposes.

    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 ``Russia Trade and Investment Ban 
Act''.

SEC. 2. PROHIBITION ON TRADE WITH THE RUSSIAN FEDERATION.

    (a) In General.--The President shall establish and maintain a total 
embargo upon all trade between the United States and the Russian 
Federation, Crimea, and the regions of Donetsk and Luhansk in Ukraine.
    (b) Effective Date.--The prohibition under subsection (a) shall 
take effect beginning at 12:01 a.m. eastern daylight time on the date 
that is 60 days after the date of the enactment of this Act.

SEC. 3. SANCTIONS.

    (a) In General.--Notwithstanding any other provision of law, the 
purchase or sale by a United States person of any publicly traded 
securities, or any publicly traded securities that are derivative of 
such securities or are designed to provide investment exposure to such 
securities, of any entity incorporated in the Russian Federation, 
Crimea, or the region of Donetsk or Luhansk in Ukraine, or any 
affiliate of such entity, is prohibited.
    (b) Effective Date.--The prohibitions under subsection (a) shall 
take effect beginning at 12:01 a.m. eastern daylight time on the date 
that is 60 days after the date of the enactment of this Act.
    (c) Divestment.--The purchase or sale of publicly traded securities 
described in subsection (a) made solely to effect the divestment, in 
whole or in part, of such securities by a United States person is 
permitted prior to 12:01 a.m. eastern daylight time on the date that is 
365 days after the date of the enactment of this Act, with respect to 
any entity incorporated in the Russian Federation, Crimea, or the 
region of Donetsk or Luhansk in Ukraine, or any affiliate of such 
entity.
    (d) Evasion of Sanctions.--
            (1) In general.--The following actions are prohibited:
                    (A) Any transactions by a United States person or 
                within the United States that evades or avoids, has the 
                purpose of evading or avoiding, causes a violation of, 
                or attempts to violate the prohibitions set forth in 
                this section.
                    (B) Any conspiracy formed to violate any of the 
                prohibitions set forth in this section.
            (2) Penalties.--The authorization provided in subsection 
        (e) may be used to apply penalties provided for in subsections 
        (b) and (c) of section 206 of the International Emergency 
        Economic Powers Act (50 U.S.C. 1705) with respect to a person 
        that knowingly violates, attempts to violate, conspires to 
        violate, or causes a violation of regulations promulgated under 
        such subsection (e) to the same extent that such penalties 
        apply to a person that knowingly commits an unlawful act 
        described in section 206(a) of such Act.
    (e) Authorization.--The Secretary of the Treasury, after 
consultation with the Secretary of State, the Director of National 
Intelligence, and the heads of other executive departments and agencies 
as determined appropriate by the Secretary of the Treasury, is 
authorized to take such actions, including the promulgation of rules 
and regulations, and to employ all powers granted to the President by 
the International Emergency Economic Powers Act, to carry out the 
purposes of this section. The Secretary of the Treasury may, consistent 
with applicable law, redelegate any of such functions within the 
Department of the Treasury. The heads of Federal departments and 
agencies shall take all appropriate measures within their authority to 
carry out the provisions of this section.

SEC. 4. DEFINITIONS.

    In this Act:
            (1) Affiliate.--The term ``affiliate''--
                    (A) has the meaning given such term in section 
                230.405 of title 17, Code of Federal Regulations (as in 
                effect on the date of the enactment of this Act);
                    (B) means a person that is closely associated with 
                another person typically in a dependent or subordinate 
                position; or
                    (C) means a person that has a common purpose or 
                shared characteristics with another person.
            (2) Entity.--The term ``entity'' means a government or 
        instrumentality of such government, or a partnership, 
        association, trust, joint venture, corporation, group, 
        subgroup, or other organization.
            (3) Person.--The term ``person'' means an individual or 
        entity.
            (4) Publicly traded securities.--The term ``publicly traded 
        securities'' includes any security (as such term is defined in 
        section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 
        78c(a))), denominated in any currency that trades on a 
        securities exchange or through the method of trading that is 
        commonly referred to as ``over-the-counter'', in any 
        jurisdiction.
            (5) United states person.--The term ``United States 
        person'' means--
                    (A) any United States citizen, permanent resident 
                alien, or entity (including foreign branches) organized 
                under the laws of the United States or any jurisdiction 
                within the United States; or
                    (B) any person in the United States.
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