117 HR 6995 IH: Russia Trade and Investment Ban Act U.S. House of Representatives 2022-03-08 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I117th CONGRESS2d SessionH. R. 6995IN THE HOUSE OF REPRESENTATIVESMarch 8, 2022Mr. 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 concernedA BILLTo prohibit trade with the Russian Federation, and for other purposes.

1.

Short title

This Act may be cited as the Russia Trade and Investment Ban Act.

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.

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.

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.