Sanctions Enforcement: Blocking Banks Using Alternative Payment Systems.
This bill aims to make it harder for countries of concern (like Russia and China) to evade US sanctions. It mandates penalties against foreign financial institutions that use alternative payment systems (such as CIPS or SPFS) to settle transactions with other sanctioned institutions. While not directly affecting citizens' daily finances, the law seeks to protect national security and the global influence of the US dollar.
Key points
New sanctions target banks in countries of concern if they use non-SWIFT payment systems (like CIPS, SPFS, SEPAM) for transactions with other sanctioned institutions.
Sanctions include blocking the property of these banks located in the US and cutting them off from the US banking system (prohibiting correspondent accounts).
Executive officers of these foreign financial institutions may be denied entry into the United States, and their current visas will be revoked.
Status:
Expired
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