§8924 Sanctions on Russian and Other Foreign Financial Institutions

Summary

The President must hit foreign banks with a specific banking penalty if the bank knowingly, on or after August 2, 2017, does major business that helps certain defense- or energy-related activities for people already sanctioned under section 8923. The President must also apply the penalty if, on or after the date that is 30 days after August 2, 2017, a foreign bank knowingly helped a Russian person on the U.S. Specially Designated Nationals list move a significant financial transaction under this law or under Executive Orders 13660, 13661, 13662, or any other Ukraine-related order. The President can decide not to impose the penalty if it is not in the national interest. The penalty blocks the bank from opening, or allows strict limits on keeping, correspondent or payable-through accounts in the United States. The President may waive the penalty for national security reasons but must tell Congress and explain why. The President must notify congressional committees within 15 days after imposing the penalty. The President can use authorities in 50 U.S.C. 1702 and 1704 to enforce this, with penalties in 50 U.S.C. 1705(b) and (c) for violations. The sanctions end when the President sends the certification called for in section 8923(i) to those committees.