§8924 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The President must block certain U.S. banking services for a foreign bank that, on or after August 2, 2017, knowingly does major business tied to specified activities or people who are already sanctioned, unless the President says it would hurt U.S. interests. The same ban applies if, on or after the date 30 days after August 2, 2017, the foreign bank knowingly handled a major financial transaction for any Russian on the Treasury Department’s special blocked list under the named U.S. laws or related executive orders. The ban stops the foreign bank from opening, and can stop or tightly restrict it from keeping, correspondent or payable-through accounts in the United States. The President may waive a ban for national security and must tell Congress why. The President must notify Congress within 15 days after imposing a ban. The President may use authorities in 50 U.S.C. 1702 and 1704, penalties in 50 U.S.C. 1705(b) and (c) apply for violations, and the sanctions end when the President sends the certification required under section 8923(i).

Title 22, §8924

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)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 that the President determines knowingly engages, on or after August 2, 2017, in significant transactions involving activities described in subparagraph (A)(ii) or (B) of section 8923(a)(2) of this title or paragraph (1) or (3) of section 8923(b) of this title for persons with respect to which sanctions are imposed under section 8923 of this title.

(b)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)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)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)The President shall notify the appropriate congressional committees in writing not later than 15 days after imposing sanctions with respect to a foreign financial institution under subsection (a) or (b).

(f)(1)The President may exercise all authorities provided under section 1702 and 1704 of title 50 to carry out the purposes of this section.

(2)The penalties provided for in subsections (b) and (c) of section 1705 of title 50 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 1705(a) of title 50.

(g)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 8923(i) of this title.

Notes & Related Subsidiaries

Termination of SectionFor termination of section, see subsection (g) of this section.

Editorial Notes

References in Text

Executive Order No. 13660, referred to in subsec. (b)(2), is Ex. Ord. No. 13660, Mar. 6, 2014, 79 F.R. 13493, which is listed in a table under section 1701 of Title 50, War and National Defense. Executive Order No. 13661, referred to in subsec. (b)(2), is Ex. Ord. No. 13661, Mar. 16, 2014, 79 F.R. 15535, which is listed in a table under section 1701 of Title 50, War and National Defense. Executive Order No. 13662, referred to in subsec. (b)(2), is Ex. Ord. No. 13662, Mar. 20, 2014, 79 F.R. 16169, which is listed in a table under section 1701 of Title 50, War and National Defense.

Amendments

2017—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”. 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”. 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). Subsec. (g). Pub. L. 115–44, § 229(b)(1), (3), redesignated subsec. (f) as (g) and substituted “section 8923(i)” for “section 8923(h)”.

§8924 Sanctions on Russian and other foreign financial institutions