§8924 Sanctions on Russian and Other Foreign Financial Institutions

Summary

The President must put a specific punishment on a foreign bank unless doing so would hurt U.S. national interests. That punishment applies if the bank, on or after August 2, 2017, knowingly carried out major transactions tied to the kinds of activities listed in sections 8923(a)(2)(A)(ii) or (B) or 8923(b)(1) or (3) for people already sanctioned under section 8923. It also applies if the bank, on or after the date that is 30 days after August 2, 2017, knowingly helped a major financial transaction for any Russian person on the Treasury Department’s OFAC specially designated nationals and blocked persons list, under this chapter or Executive Orders 13660, 13661, 13662, or any other Ukraine-related Executive Order. The punishment bans opening, and can ban or tightly restrict keeping, U.S. correspondent or payable-through bank accounts for that foreign bank. The President can waive the punishment for national security reasons but must send a report explaining the waiver to the appropriate congressional committees. The President must also notify those committees within 15 days after imposing the punishment. The President may use authorities in 50 U.S.C. 1702 and 1704 to enforce this, and penalties in 50 U.S.C. 1705(b) and (c) apply for violations. The sanctions end when the President submits the certification described in section 8923(i).