§10803 Imposition of Sanctions with Respect to Financial Institutions Affiliated with the Government of the Russian Federation

Summary

The President must act quickly after September 18, 2026. Within 30 days, the President must put sanctions on big Russian financial bodies. At least two of the listed sanctions must hit the Central Bank of Russia and its subsidiaries or successors. All of the listed sanctions must hit Sberbank, VTB, Gazprombank, any other bank owned in whole or part by the Russian government, their subsidiaries or successors, and any foreign bank that does a lot of business with those Russian banks (unless the Treasury Secretary decides that would hurt U.S. economic or foreign policy). The President must also sanction top leaders, senior officers, board members, and major controlling shareholders of those banks. Not later than 210 days after September 18, 2026, and every 180 days after that, the President must review who fits these rules and add sanctions when needed. Starting 30 days after September 18, 2026, U.S. persons are banned from doing any transactions with the banks in the list above. The sanctions to be used include blocking any property in the United States or under U.S. control, using at least two sanctions from section 235 of CAATSA that are not already applied, and banning or strictly limiting U.S. correspondent or payable-through accounts (accounts used to move money through U.S. banks). Banks holding frozen Russian sovereign assets are not required to return interest on those assets to Russia. These sanctions do not stop payments on loans to Ukraine that are serviced with proceeds from frozen Russian assets, or loans made after September 18, 2026 using those proceeds.