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Strengthening US Financial Sanctions on Russia and Belarus

New rules require US financial institutions to ensure their foreign branches and controlled entities comply with the same financial sanctions against Russia and Belarus as the institutions themselves. This aims to tighten the sanctions system and prevent circumvention, potentially impacting global financial transactions and service availability.
Key points
US financial institutions must ensure their foreign branches and controlled entities comply with sanctions against Russia and Belarus.
Sanctions cover transactions, deposits, loans, currency and securities trading, and other financial services.
Violations will result in penalties outlined in existing sanctions laws and regulations.
article Official text account_balance Process page
VOTING RESULTS
2022-05-11
100%
For 418
Against 2
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_7066
Sponsor: Rep. Sherman, Brad [D-CA-30]
Process start date: 2022-03-11
Voting date: 2022-05-11
Meeting no: 2
Voting no: 159
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Russia and Belarus Financial Sanctions Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7066.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-11.

What are the main provisions?

Key points include:

  • US financial institutions must ensure their foreign branches and controlled entities comply with sanctions against Russia and Belarus.
  • Sanctions cover transactions, deposits, loans, currency and securities trading, and other financial services.
  • Violations will result in penalties outlined in existing sanctions laws and regulations.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Sherman, Brad [D-CA-30].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 418 - 2 (Roll no. 159). (text: 05/10/2022 CR H4748-4749)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy Security