[Congressional Record Volume 168, Number 40 (Monday, March 7, 2022)]
[Senate]
[Pages S1018-S1019]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. CORNYN (for himself, Ms. Hassan, Mr. Hagerty, and Mr. 
        King):
  S. 3771. A bill to prohibit United States persons from engaging in 
transactions with foreign persons that purchase or transact in gold 
from the Russian Federation; to the Committee on Banking, Housing, and 
Urban Affairs.
  Mr. CORNYN. President, I ask unanimous consent to print my bill for 
introduction in the Congressional Record. The bill prohibits U.S. 
persons from engaging in transactions with foreign persons who purchase 
or transact in gold from the Russian Federation.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:
       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''.

     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.--

[[Page S1019]]

       (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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