,,ii #aagth ,,congress #b;d ,session ,s4 #chgg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ag1 #bjbb,mr4 ,rubio 7for himself1 ,mr4 ,young1 and ,mr4 ,scott of ,florida7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to require the imposition of sanctions with respect to ,chinese financial institutions that clear1 verify1 or settle transactions with ,russian or ,russian-controlled financial institutions4 #a4 ,short title ,this ,act may be cited as the ,crippling ,unhinged ,russian ,belligerence and ,chinese ,involvement in ,putin's ,schemes ,act of #bjbb or the ,,curb ,,cips ,act of #bjbb4 #b4 ,imposition of sanctions with respect to ,chinese financial institutions that clear1 verify1 or settle transactions with ,russian or ,russian-controlled financial institutions 7a7 ,in general ,the ,secretary of the ,treasury shall1 in consultation with the ,secretary of ,state1 impose one or both of the sanctions described in subsection 7b7 with respect to each ,chinese financial institution that uses the ,cross-,border ,interbank ,payment ,system 7commonly referred to as ,,cips7 or the ,system for ,transfer of ,financial ,messages 7commonly referred to as ,,spfs7 to clear1 verify1 settle1 or otherwise conduct transactions with any ,russian financial institution or covered financial institution4 7b7 ,sanctions described ,the sanctions that may be imposed with respect to a ,chinese financial institution subject to subsection 7a7 include the following3 7#a7 ,property blocking ,the ,secretary of the ,treasury may block and prohibit1 pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq471 all transactions in all property and interests in property of the ,chinese financial institution if such property and interests in property are in the ,united ,states1 come within the ,united ,states1 or are or come within the possession or control of a ,united ,states person4 7#b7 ,restrictions on correspondent and payable-through accounts ,the ,secretary may prohibit the opening or maintaining in the ,united ,states of a correspondent account or a payable-through account by the ,chinese financial institution4 7c7 ,implementation2 penalties 7#a7 ,implementation ,the ,secretary may exercise all authorities provided under sections #bjc and #bje of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agjb and #agjd7 to carry out this section4 7#b7 ,penalties ,a person that violates1 attempts to violate1 conspires to violate1 or causes a violation of this section or any regulation1 license1 or order issued to carry out this section shall be subject to the penalties set forth in subsections 7b7 and 7c7 of section #bjf of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agje7 to the same extent as a person that commits an unlawful act described in subsection 7a7 of that section4 7d7 ,exceptions 7#a7 ,exception for intelligence activities ,this section shall not apply with respect to activities subject to the reporting requirements under title ,v of the ,national ,security ,act of #aidg 7#ej ,u4,s4,c4 #cjia et seq47 or any authorized intelligence activities of the ,united ,states4 7#b7 ,exception relating to importation of goods 7,a7 ,in general ,the authority to block and prohibit all transactions in all property and interests in property under subsection 7b7 shall not include the authority or a requirement to impose sanctions on the importation of goods4 7,b7 ,good ,in this paragraph1 the term good means any article1 natural or man-made substance1 material1 supply or manufactured product1 including inspection and test equipment1 and excluding technical data4 7e7 ,regulations ,not later than #ij days after the date of the enactment of this ,act1 the ,secretary shall prescribe such regulations as are necessary to carry out this section4 7f7 ,report required 7#a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the ,secretary shall1 in consultation with the ,secretary of ,state1 submit to the appropriate congressional committees a report-- 7,a7 describing the scope and usage of ,,cips and ,,spfs around the world1 including usage rates by country2 7,b7 assessing the risks that widespread adoption of ,,cips or ,,spfs poses to the national security of the ,united ,states2 and 7,c7 making recommendations to further preserve and strengthen the influence of the ,united ,states in the global financial system4 7#b7 ,form ,each report required by paragraph 7#a7 shall be submitted in unclassified form but may include a classified annex4 7g7 ,definitions ,in this section3 7#a7 ,account2 correspondent account2 payable-through account ,the terms account1 correspondent account1 and payable-through account have the meanings given those terms in section #ecah;,a of title #ca1 ,united ,states ,code4 7#b7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,foreign ,relations1 and the ,select ,committee on ,intelligence of the ,senate2 and 7,b7 the ,committee on ,financial ,services1 the ,committee on ,foreign ,affairs1 and the ,permanent ,select ,committee on ,intelligence of the ,house of ,representatives4 7#c7 ,chinese financial institution ,the term ,chinese financial institution means a financial institution-- 7,a7 organized under the laws of the ,people's ,republic of ,china or any jurisdiction within the ,people's ,republic of ,china1 including a foreign branch of such an institution2 7,b7 located in the ,people's ,republic of ,china2 7,c7 wherever located1 owned1 or controlled by the ,government of the ,people's ,republic of ,china2 or 7,d7 wherever located1 owned1 or controlled by a financial institution described in subparagraph 7,a71 7,b71 or 7,c74 7#d7 ,covered financial institution ,the term covered financial institution means a financial institution-- 7,a7 located in territory controlled by an entity holding itself out to be the ,government of the ,republic of ,south ,ossetia--the ,state of ,alania1 the ,donetsk ,people's ,republic1 the ,luhansk ,people's ,republic1 the ,republic of ,abkhazia1 or the ,pridnestrovian ,moldavian ,republic2 7,b7 organized under the laws of an entity described in subparagraph 7,a72 7,c7 wherever located1 owned1 or controlled by such an entity2 or 7,d7 wherever located1 owned1 or controlled by a financial institution described in subparagraph 7,a71 7,b71 or 7,c74 7#e7 ,financial institution ,the term financial institution means a financial institution specified in subparagraph 7,a71 7,b71 7,c71 7,d71 7,e71 7,f71 7,g71 7,h71 7,i71 7,j71 7,m71 or 7,y7 of section #ecab7;a77#b7 of title #ca1 ,united ,states ,code4 7#f7 ,russian financial institution ,the term ,russian financial institution means a financial institution-- 7,a7 organized under the laws of the ,russian ,federation or any jurisdiction within the ,russian ,federation1 including a foreign branch of such an institution2 7,b7 located in the ,russian ,federation2 7,c7 wherever located1 owned1 or controlled by the ,government of the ,russian ,federation2 or 7,d7 wherever located1 owned1 or controlled by a financial institution described in subparagraph 7,a71 7,b71 or 7,c74