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Title 22 — Foreign Relations and IntercourseRelease 119-73

§9523 Modification of implementation of Executive Order No. 13662

Title 22 › Chapter CHAPTER 102— - COUNTERING RUSSIAN INFLUENCE IN EUROPE AND EURASIA › Subchapter SUBCHAPTER I— - SANCTIONS AND OTHER MEASURES WITH RESPECT TO THE RUSSIAN FEDERATION › Part PART B— - SANCTIONS WITH RESPECT TO THE RUSSIAN FEDERATION › § 9523

Last updated Apr 6, 2026|Official source

Summary

The Secretary of the Treasury can decide that a Russian state-owned company in the railway or metals and mining industries fits the criteria of Executive Order 13662. Within 60 days after August 2, 2017, the Secretary must change Directive 1 so it bans U.S. persons or people in the United States from doing transactions, providing financing, or otherwise dealing in new debt with more than 14 days to maturity or in new equity of people covered by the directive. Also within 60 days, the Secretary must change Directive 2 to ban the same kinds of dealings in new debt with more than 60 days to maturity. Within 90 days after August 2, 2017, the Secretary must change Directive 4 so it bans U.S. persons or people in the United States from supplying, exporting, or reexporting goods, services (except financial services), or technology that support new deepwater, Arctic offshore, or shale oil projects that could produce oil and that involve a person covered by the directive who has a controlling or at least a 33 percent ownership interest.

Full Legal Text

Title 22, §9523

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The Secretary of the Treasury may determine that a person meets one or more of the criteria in section 1(a) of Executive Order No. 13662 if that person is a state-owned entity operating in the railway or metals and mining sector of the economy of the Russian Federation.
(b)Not later than 60 days after August 2, 2017, the Secretary of the Treasury shall modify Directive 1 (as amended), dated September 12, 2014, issued by the Office of Foreign Assets Control under Executive Order No. 13662, or any successor directive (which shall be effective beginning on the date that is 60 days after the date of such modification), to ensure that the directive prohibits the conduct by United States persons or persons within the United States of all transactions in, provision of financing for, and other dealings in new debt of longer than 14 days maturity or new equity of persons determined to be subject to the directive, their property, or their interests in property.
(c)Not later than 60 days after August 2, 2017, the Secretary of the Treasury shall modify Directive 2 (as amended), dated September 12, 2014, issued by the Office of Foreign Assets Control under Executive Order No. 13662, or any successor directive (which shall be effective beginning on the date that is 60 days after the date of such modification), to ensure that the directive prohibits the conduct by United States persons or persons within the United States of all transactions in, provision of financing for, and other dealings in new debt of longer than 60 days maturity of persons determined to be subject to the directive, their property, or their interests in property.
(d)Not later than 90 days after August 2, 2017, the Secretary of the Treasury shall modify Directive 4, dated September 12, 2014, issued by the Office of Foreign Assets Control under Executive Order No. 13662, or any successor directive (which shall be effective beginning on the date that is 90 days after the date of such modification), to ensure that the directive prohibits the provision, exportation, or reexportation, directly or indirectly, by United States persons or persons within the United States, of goods, services (except for financial services), or technology in support of exploration or production for new deepwater, Arctic offshore, or shale projects—
(1)that have the potential to produce oil; and
(2)that involve any person determined to be subject to the directive or the property or interests in property of such a person who has a controlling interest or a substantial non-controlling ownership interest in such a project defined as not less than a 33 percent interest.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

Executive Order No. 13662, referred to in section catchline and text, 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.

Reference

Citations & Metadata

Citation

22 U.S.C. § 9523

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73