§9523 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

The Treasury Secretary can decide that Russian state-owned companies in the railway or metals and mining industries meet the punishable criteria in Executive Order 13662. Within 60 days after August 2, 2017, the Treasury must change the rule called Directive 1 so U.S. persons or people in the U.S. are banned from doing transactions, financing, or other dealings in new debt over 14 days or in new equity of anyone covered by the rule; those changes start 60 days after they are made. Within 60 days after August 2, 2017, the Treasury must also change Directive 2 to ban similar dealings in new debt over 60 days, effective 60 days after the change. Within 90 days after August 2, 2017, the Treasury must change Directive 4 so U.S. persons cannot directly or indirectly provide, export, or reexport goods, services (except financial services), or technology that support exploration or production for new deepwater, Arctic offshore, or shale oil projects if a covered person has a controlling or at least 33 percent ownership; those changes take effect 90 days after they are made.

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.

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.

§9523 Modification of Implementation of Executive Order No. 13662

Summary

Title 22, §9523

Notes & Related Subsidiaries

Editorial Notes

References in Text

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