[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6995 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 6995
To prohibit trade with the Russian Federation, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 8, 2022
Mr. Perry introduced the following bill; which was referred to the
Committee on Ways and Means, and in addition to the Committees on
Foreign Affairs, and Financial Services, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
_______________________________________________________________________
A BILL
To prohibit trade with the Russian Federation, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Russia Trade and Investment Ban
Act''.
SEC. 2. PROHIBITION ON TRADE WITH THE RUSSIAN FEDERATION.
(a) In General.--The President shall establish and maintain a total
embargo upon all trade between the United States and the Russian
Federation, Crimea, and the regions of Donetsk and Luhansk in Ukraine.
(b) Effective Date.--The prohibition under subsection (a) shall
take effect beginning at 12:01 a.m. eastern daylight time on the date
that is 60 days after the date of the enactment of this Act.
SEC. 3. SANCTIONS.
(a) In General.--Notwithstanding any other provision of law, the
purchase or sale by a United States person of any publicly traded
securities, or any publicly traded securities that are derivative of
such securities or are designed to provide investment exposure to such
securities, of any entity incorporated in the Russian Federation,
Crimea, or the region of Donetsk or Luhansk in Ukraine, or any
affiliate of such entity, is prohibited.
(b) Effective Date.--The prohibitions under subsection (a) shall
take effect beginning at 12:01 a.m. eastern daylight time on the date
that is 60 days after the date of the enactment of this Act.
(c) Divestment.--The purchase or sale of publicly traded securities
described in subsection (a) made solely to effect the divestment, in
whole or in part, of such securities by a United States person is
permitted prior to 12:01 a.m. eastern daylight time on the date that is
365 days after the date of the enactment of this Act, with respect to
any entity incorporated in the Russian Federation, Crimea, or the
region of Donetsk or Luhansk in Ukraine, or any affiliate of such
entity.
(d) Evasion of Sanctions.--
(1) In general.--The following actions are prohibited:
(A) Any transactions by a United States person or
within the United States that evades or avoids, has the
purpose of evading or avoiding, causes a violation of,
or attempts to violate the prohibitions set forth in
this section.
(B) Any conspiracy formed to violate any of the
prohibitions set forth in this section.
(2) Penalties.--The authorization provided in subsection
(e) may be used to apply penalties provided for in subsections
(b) and (c) of section 206 of the International Emergency
Economic Powers Act (50 U.S.C. 1705) with respect to a person
that knowingly violates, attempts to violate, conspires to
violate, or causes a violation of regulations promulgated under
such subsection (e) to the same extent that such penalties
apply to a person that knowingly commits an unlawful act
described in section 206(a) of such Act.
(e) Authorization.--The Secretary of the Treasury, after
consultation with the Secretary of State, the Director of National
Intelligence, and the heads of other executive departments and agencies
as determined appropriate by the Secretary of the Treasury, is
authorized to take such actions, including the promulgation of rules
and regulations, and to employ all powers granted to the President by
the International Emergency Economic Powers Act, to carry out the
purposes of this section. The Secretary of the Treasury may, consistent
with applicable law, redelegate any of such functions within the
Department of the Treasury. The heads of Federal departments and
agencies shall take all appropriate measures within their authority to
carry out the provisions of this section.
SEC. 4. DEFINITIONS.
In this Act:
(1) Affiliate.--The term ``affiliate''--
(A) has the meaning given such term in section
230.405 of title 17, Code of Federal Regulations (as in
effect on the date of the enactment of this Act);
(B) means a person that is closely associated with
another person typically in a dependent or subordinate
position; or
(C) means a person that has a common purpose or
shared characteristics with another person.
(2) Entity.--The term ``entity'' means a government or
instrumentality of such government, or a partnership,
association, trust, joint venture, corporation, group,
subgroup, or other organization.
(3) Person.--The term ``person'' means an individual or
entity.
(4) Publicly traded securities.--The term ``publicly traded
securities'' includes any security (as such term is defined in
section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a))), denominated in any currency that trades on a
securities exchange or through the method of trading that is
commonly referred to as ``over-the-counter'', in any
jurisdiction.
(5) United states person.--The term ``United States
person'' means--
(A) any United States citizen, permanent resident
alien, or entity (including foreign branches) organized
under the laws of the United States or any jurisdiction
within the United States; or
(B) any person in the United States.
<all>