“To impose sanctions with respect to foreign persons dealing in crude oil or petroleum products of Russian Federation origin.”
No CRS summary available for this bill.
This section requires the President, beginning 90 days after enactment, to impose blocking sanctions under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.)—prohibiting all transactions in blocked property and interests in property within U.S. jurisdiction or control—on foreign persons determined by the Secretary of the Treasury (in consultation with the Secretary of State) to (1) be responsible for or complicit in purchasing or importing Russian-origin crude oil or petroleum products into any country; (2) knowingly facilitate related financial transactions; (3) materially assist, sponsor, or provide material support for such activities by already-sanctioned persons; or (4) serve as chief executive officer or board member of such entities. This section authorizes the President to apply no more than two exceptions to these sanctions: (1) for countries where payments for Russian oil are credited to a domestic account used solely for transactions in agricultural commodities, food, medicine, or medical devices between Russia and that country, with a commitment to significantly reduce purchases (requiring certifications every 180 days of reductions or supply constraints, and sanctions for misuse); or (2) where payments per barrel are deposited into a U.S. government account for Ukraine's benefit (with guidance for verification; funds usable for specified reconstruction and defense purchases under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (22 U.S.C. 9521 note), requiring disbursement of a significant proportion every 90 days; and transfers or expenditures notified to congressional committees at least 15 days in advance with details on amount, purpose, and recipient).