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End of Russian Bank Exemptions: New Financial Sanctions

This bill terminates a special permission that allowed certain Russian financial institutions to conduct transactions. This means these institutions will now face full sanctions, making it harder for them to operate internationally. For US citizens, these changes do not directly impact daily finances but strengthen the government's policy towards Russia.
Key points
Termination of a special permission that eased transactions for Russian banks.
Imposition of full financial sanctions on selected Russian institutions, as per a previous order.
Strengthening economic pressure on Russia, with no direct impact on US citizens.
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Expired
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Additional Information
Print number: 117_S_4054
Sponsor: Sen. Marshall, Roger [R-KS]
Process start date: 2022-04-07
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to terminate General License No. 8A of the Office of Foreign Assets Control of the Department of the Treasury and require the application of sanctions under Executive Order 14024 to the Russian financial institutions listed in General License No. 8A.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4054.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-07.

What are the main provisions?

Key points include:

  • Termination of a special permission that eased transactions for Russian banks.
  • Imposition of full financial sanctions on selected Russian institutions, as per a previous order.
  • Strengthening economic pressure on Russia, with no direct impact on US citizens.
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

Who is the primary sponsor?

The primary sponsor is Sen. Marshall, Roger [R-KS].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Security