22 USC 8924 - Sanctions on Russian and other foreign financial institutions

U.S Code last checked for updates: Jan 18, 2025

§ 8924.

Sanctions on Russian and other foreign financial institutions

(a)

Facilitation of certain defense- and energy-related transactions

(b)

Facilitation of financial transactions on behalf of specially designated nationals

The President shall impose, unless the President determines that it is not in the national interest of the United States to do so, 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 30 days after August 2, 2017, 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 chapter;

(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

(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)

Notification to Congress on imposition of sanctions

(f)

Implementation; penalties

(1)

Implementation

(2)

Penalties

(g)

Termination

(Pub. L. 113–272, § 5, Dec. 18, 2014, 128 Stat. 2958; Pub. L. 115–44, title II, §§ 226, 229(b), Aug. 2, 2017, 131 Stat. 910, 915.)

cite as: 22 USC 8924