Federal

No Energy Revenues for Russian Hostilities Act of 2023

Source: Congress.gov · 425 words in original text

What This Bill Does

This bill prevents the Secretary of the Treasury from allowing U.S. financial institutions to conduct certain energy-related transactions with Russian parties. The bill establishes limited exceptions that allow temporary waivers for specific humanitarian purposes like food and medicine.

Who It Affects

The Secretary of the Treasury, U.S. financial institutions, Russian persons or entities receiving funds, the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs.

Key Provisions

• The Secretary of the Treasury cannot authorize or continue existing authorizations for U.S. financial institutions to engage in transactions described under General License No. 8E from December 15, 2022 related to Executive Order 14024 from April 15, 2021 (Sec. 2(a)) • The Secretary may waive this prohibition for up to 90 days at a time if the Secretary certifies to Congress that the waiver only applies to transactions involving funds owed to a Russian person and those funds will be used to purchase agricultural commodities, food, medicine or medical devices (Sec. 2(b)) • The restriction stops having legal force on whichever comes first: 5 years after the bill becomes law or 30 days after the President reports to Congress that Russia has stopped destabilizing Ukraine's sovereignty and territorial integrity (Sec. 2(c))

What Changes

If this bill becomes law, the Secretary of the Treasury loses the power to authorize those specific Russian-related energy transactions, unless a temporary waiver is granted for humanitarian purchases.

Important Definitions

None defined in the bill text.

I 118TH CONGRESS 1ST SESSION H. R. 759 To limit the authority of the Secretary of the Treasury to authorize United States financial institutions to engage in certain Russian-related energy transactions. IN THE HOUSE OF REPRESENTATIVES FEBRUARY 2, 2023 Mr. BARR introduced the following bill; which was referred to the Committee on Financial Services A BILL To limit the authority of the Secretary of the Treasury to authorize United States financial institutions to en- gage in certain Russian-related energy transactions. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘No Energy Revenues 4 for Russian Hostilities Act of 2023’’. 5 SEC. 2. LIMITATION ON AUTHORIZING CERTAIN RUSSIAN- 6 RELATED ENERGY TRANSACTIONS. 7 (a) IN GENERAL.—The Secretary of the Treasury 8 may not authorize, or continue in effect any existing au- 9 VerDate Sep 11 2014 20:43 Feb 23, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H759.IH H759 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 759 IH thorization for, a United States financial institution to en- 1 gage in a transaction described under General License No. 2 8E, dated December 15, 2022, with respect to Executive 3 Order 14024 of April 15, 2021. 4 (b) WAIVER.—The Secretary may waive subsection 5 (a) for up to 90 days at a time for a United States finan- 6 cial institution upon certifying to the Committee on Fi- 7 nancial Services of the House of Representatives and the 8 Committee on Banking, Housing, and Urban Affairs of 9 the Senate that— 10 (1) the waiver is only applicable to transactions 11 that involve funds owed to a Russian person; and 12 (2) the funds, subject to approval by the Sec- 13 retary, are to be used for the sale of agricultural 14 commodities, food, medicine, or medical devices. 15 (c) TERMINATION.—Subsection (a) shall have no 16 force or effect on the earlier of— 17 (1) the date that is 5 years after the date of en- 18 actment of this Act; or 19 (2) 30 days after the date that the President 20 reports to Congress that the Government of the Rus- 21 sian Federation has ceased its destabilizing activities 22 with respect to the sovereignty and territorial integ- 23 rity of Ukraine. 24 Æ VerDate Sep 11 2014 20:43 Feb 23, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H759.IH H759 pbinns on DSKJLVW7X2PROD with $$_JOB

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