[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3771 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 3771

 To prohibit United States persons from engaging in transactions with 
  foreign persons that purchase or transact in gold from the Russian 
                              Federation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 7, 2022

    Mr. Cornyn (for himself, Ms. Hassan, Mr. Hagerty, and Mr. King) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To prohibit United States persons from engaging in transactions with 
  foreign persons that purchase or transact in gold from the Russian 
                              Federation.

    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 ``Stop Russian Government and 
Oligarchs from Limiting Democracy Act of 2022'' or the ``Stop Russian 
GOLD Act of 2022''.

SEC. 2. PROHIBITION ON TRANSACTIONS WITH FOREIGN PERSONS THAT PURCHASE 
              OR TRANSACT IN RUSSIAN GOLD.

    (a) In General.--Any transaction by a United States person with a 
foreign person described in subsection (b) is prohibited.
    (b) Foreign Person Described.--A foreign person is described in 
this subsection if the foreign person--
            (1) purchases, transacts in, or transports between 
        countries gold received from the Government of the Russian 
        Federation, including from reserves of the Central Bank of the 
        Russian Federation held outside the Russian Federation; or
            (2) engages in a transaction--
                    (A) involving gold; and
                    (B) that has a physical or electronic nexus to the 
                Russian Federation.
    (c) Guidance.--Not later than 30 days after the date of the 
enactment of this Act, the Secretary of the Treasury shall publish 
guidance for United States persons with respect to compliance with this 
section, including guidance--
            (1) to ensure that United States persons are able to avoid 
        unknowingly investing in or transacting with foreign persons 
        described in subsection (b) through bundled or basked assets; 
        and
            (2) to facilitate divestment from investment in and 
        transactions with such foreign persons.
    (d) Implementation; Penalties.--
            (1) Implementation.--The President may exercise all 
        authorities provided under sections 203 and 205 of the 
        International Emergency Economic Powers Act (50 U.S.C. 1702 and 
        1704) to carry out this section.
            (2) Penalties.--A person that violates, attempts to 
        violate, conspires to violate, or causes a violation of this 
        section or any regulation, license, or order issued to carry 
        out this section 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.
    (e) Definitions.--In this section:
            (1) Foreign person.--The term ``foreign person'' means an 
        individual or entity that is not a United States person.
            (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 any jurisdiction within the United 
                States, including a foreign branch of such an entity.
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