“A bill 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.) on foreign persons determined by the Secretary of the Treasury, in consultation with the Secretary of State, to be responsible for or complicit in purchasing or importing Russian-origin crude oil or petroleum products into any country; to have knowingly facilitated related financial transactions; to have materially assisted or sponsored such activities; or to be a chief executive officer or board member of such an entity. This section authorizes the President to apply not more than two exceptions to these sanctions: (1) for purchases into a country where funds owed to Russia are credited to an account in that country and used only for transactions in agricultural commodities, food, medicine, or medical devices between Russia and that country, if the country's government commits to and certifies every 180 days (beginning 180 days after enactment) a significant reduction in such purchases or insufficient non-Russian supply (with sanctions under subsection (b) for misuse of the account); and (2) where a payment per barrel is deposited into a presidentially established account for Ukraine's benefit, with funds available only for economic reconstruction under section 104(f) of the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (22 U.S.C. 9521 note) or Ukrainian purchases of defense articles, requiring disbursement of a significant proportion at least every 90 days, 15-day prior notice to congressional committees of transfers or expenditures (specifying amount, purpose, and recipient), and certifications of transparency and accountability.