§ 8924. Sanctions on Russian and other foreign financial institutions

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2014

   Ukraine Freedom Support Act of 2014

   Pub. L. 113–272 § 5 · 128 Stat. 2952

   Enacted · 22 U.S.C. § 8924

   Pub. L. 113–272, § 5, Dec. 18, 2014, 128 Stat. 2958

   Source evidence

   Code source credit
   Pub. L. 113–272, § 5, Dec. 18, 2014, 128 Stat. 2958

   Enacted provision · exact public law section
   SEC. 5. SANCTIONS ON RUSSIAN AND OTHER FOREIGN FINANCIAL INSTITUTIONS. (a) Facilitation of Certain Defense- and Energy-Related Transactions.— The President may impose the sanction described in subsection (c) with respect to a foreign financial institution that the President determines knowingly engages, on or after the date of the enactment of this Act, in significant transactions involving activities described in subparagraph (A)(ii) or (B) of section 4(a)(2) or paragraph (1) or (3) of section 4(b) for persons with respect to which sanctions are imposed under section 4. (b) Facilitation of Financial Transactions on Behalf of Specially Designated Nationals.— The President may impose the sanction described in subsection (c) with respect to a foreign financial institution if the President determines that the foreign financial institution has, on or after the date that is 180 days after the date of the enactment of this Act, knowingly facilitated a significant financial transaction on behalf of any Russian person included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury, pursuant to— (1) this Act; (2) Executive Order No. 13660 (79 Fed. Reg. 13,493), 13661 (79 Fed. Reg. 15,535), or 13662 (79 Fed. Reg. 16,169); or (3) any other Executive order addressing the crisis in Ukraine. (c) Sanction Described.— The sanction described in this subsection is, with respect to a foreign financial institution, a prohibition on the opening, and a prohibition or the imposition of strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by the foreign financial institution. (d) National Security Waiver.— The President may waive the application of sanctions under this section with respect to a foreign financial institution if the President— (1) determines that the waiver is in the national security interest of the United States; and (2) submits to the appropriate congressional committees a report on the determination and the reasons for the determination. (e) 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 the purposes of this section. (2) Penalties.— The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) shall apply to a person that violates, attempts to violate, or conspires to violate, or causes a violation of, subsection (a) or (b) of this section, or an order or regulation prescribed under either such subsection, to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of the International Emergency Economic Powers Act. (f) Termination.— This section, and sanctions imposed under this section, shall terminate on the date on which the President submits to the appropriate congressional committees the certification described in section 4(h).

2. 2017

   Countering Russian Influence in Europe and Eurasia Act of 2017

   Pub. L. 115–44 § 226(1) · 131 Stat. 886

   1. Substituted · 22 U.S.C. § 8924(a)

      Pub. L. 115–44, § 226(1), substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose”

   2. Substituted · 22 U.S.C. § 8924(a)

      Pub. L. 115–44, § 226(1), substituted “on or after August 2, 2017” for “on or after December 18, 2014”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 115–44, § 226(1), substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose” and “on or after August 2, 2017” for “on or after December 18, 2014”.

   Enacted provision · exact public law section
   (1) in subsection (a)— (A) by striking “may impose” and inserting “shall impose, unless the President determines that it is not in the national interest of the United States to do so,”; and (B) by striking “on or after the date of the enactment of this Act” and inserting “on or after the date of the enactment of the Countering Russian Influence in Europe and Eurasia Act of 2017”; and

3. 2017

   Countering Russian Influence in Europe and Eurasia Act of 2017

   Pub. L. 115–44 § 226(2) · 131 Stat. 886

   1. Substituted · 22 U.S.C. § 8924(b)

      Pub. L. 115–44, § 226(2), in introductory provisions, substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose”

   2. Substituted · 22 U.S.C. § 8924(b)

      Pub. L. 115–44, § 226(2), in introductory provisions, substituted “on or after the date that is 30 days after August 2, 2017” for “on or after the date that is 180 days after December 18, 2014”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 115–44, § 226(2), in introductory provisions, substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose” and “on or after the date that is 30 days after August 2, 2017” for “on or after the date that is 180 days after December 18, 2014”.

   Enacted provision · exact public law section
   (2) in subsection (b)— (A) by striking “may impose” and inserting “shall impose, unless the President determines that it is not in the national interest of the United States to do so,”; and (B) by striking “on or after the date that is 180 days after the date of the enactment of this Act” and inserting “on or after the date that is 30 days after the date of the enactment of the Countering Russian Influence in Europe and Eurasia Act of 2017”.

4. 2017

   Countering Russian Influence in Europe and Eurasia Act of 2017

   Pub. L. 115–44 § 229(b)(1) · 131 Stat. 886

   1. Added · 22 U.S.C. § 8924(e); 22 U.S.C. § 8924(f)

      Pub. L. 115–44, § 229(b)(1), (2), added subsec. (e)

   2. Redesignated · 22 U.S.C. § 8924(e); 22 U.S.C. § 8924(f)

      Pub. L. 115–44, § 229(b)(1), (2), redesignated former subsec. (e) as (f). Former subsec. (f) redesignated (g)

   Source evidence

   Code amendment note
   Subsecs. (e), (f). Pub. L. 115–44, § 229(b)(1), (2), added subsec. (e) and redesignated former subsec. (e) as (f). Former subsec. (f) redesignated (g).

   Enacted provision · exact public law section
   (1) by redesignating subsections (e) and (f) as subsections (f) and (g), respectively;

5. 2017

   Countering Russian Influence in Europe and Eurasia Act of 2017

   Pub. L. 115–44 § 229(b)(1) · 131 Stat. 886

   1. Redesignated · 22 U.S.C. § 8924(g)

      Pub. L. 115–44, § 229(b)(1), (3), redesignated subsec. (f) as (g)

   2. Substituted · 22 U.S.C. § 8924(g)

      Pub. L. 115–44, § 229(b)(1), (3), substituted “section 8923(i)” for “section 8923(h)”

   Source evidence

   Code amendment note
   Subsec. (g). Pub. L. 115–44, § 229(b)(1), (3), redesignated subsec. (f) as (g) and substituted “section 8923(i)” for “section 8923(h)”.

   Enacted provision · exact public law section
   (1) by redesignating subsections (e) and (f) as subsections (f) and (g), respectively;

9 of 9 references resolved to an enrolled provision