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Strengthening US Financial Sanctions on Russia and Belarus

This new law requires U.S. financial institutions to ensure their foreign branches and controlled entities comply with sanctions against Russia and Belarus to the same extent as the institutions themselves. This aims to tighten the sanctions regime and prevent circumvention, potentially impacting global financial stability and international relations.
Key points
U.S. financial institutions must ensure their foreign branches and controlled entities comply with all financial sanctions on Russia and Belarus.
Sanctions cover transactions, deposits, loans, foreign exchange, securities trading, and other financial services.
Violations will result in penalties as described in applicable sanctions laws.
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Status:
Expired
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Additional Information
Print number: 118_HR_5512
Sponsor: Rep. Sherman, Brad [D-CA-32]
Process start date: 2023-09-14
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5512.

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 2023-09-14.

What are the main provisions?

Key points include:

  • U.S. financial institutions must ensure their foreign branches and controlled entities comply with all financial sanctions on Russia and Belarus.
  • Sanctions cover transactions, deposits, loans, foreign exchange, securities trading, and other financial services.
  • Violations will result in penalties as described in applicable sanctions laws.
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 Rep. Sherman, Brad [D-CA-32].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 255.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law