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Limiting US Financial Transactions with Russia in Energy Sector

This act aims to restrict U.S. financial institutions from engaging in transactions related to the Russian energy sector. This means less U.S. money will flow to Russia, potentially impacting global energy market stability and fuel prices, though the direct impact on daily finances of U.S. citizens is hard to predict.
Key points
U.S. financial institutions will be prohibited from authorizing or continuing certain transactions related to Russian energy.
A temporary waiver (up to 90 days) is possible if funds are used for the sale of agricultural commodities, food, medicine, or medical devices.
These restrictions will expire after 5 years or sooner if Russia ceases its destabilizing activities in Ukraine.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_759
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-02-02
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

No Energy Revenues for Russian Hostilities Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_759.

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 2023-02-02.

What are the main provisions?

Key points include:

  • U.S. financial institutions will be prohibited from authorizing or continuing certain transactions related to Russian energy.
  • A temporary waiver (up to 90 days) is possible if funds are used for the sale of agricultural commodities, food, medicine, or medical devices.
  • These restrictions will expire after 5 years or sooner if Russia ceases its destabilizing activities in Ukraine.
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. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

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

CATEGORIES

Economy Security