H.R. 759 — Introduced in House

I 118th CONGRESS 1st Session H. R. 759 IN THE HOUSE OF REPRESENTATIVES February 2, 2023Mr. Barr introduced the following bill; which was referred to the Committee on Financial Services A BILL To limit the authority of the Secretary of the Treasury to authorize United States financial institutions to engage in certain Russian-related energy transactions. 1. Short title This Act may be cited as the No Energy Revenues for Russian Hostilities Act of 2023. 2. Limitation on authorizing certain Russian-related energy transactions (a) In general The Secretary of the Treasury may not authorize, or continue in effect any existing authorization for, a United States financial institution to engage in a transaction described under General License No. 8E, dated December 15, 2022, with respect to Executive Order 14024 of April 15, 2021. (b) Waiver The Secretary may waive subsection (a) for up to 90 days at a time for a United States financial institution upon certifying to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that— (1) the waiver is only applicable to transactions that involve funds owed to a Russian person; and (2) the funds, subject to approval by the Secretary, are to be used for the sale of agricultural commodities, food, medicine, or medical devices. (c) Termination Subsection (a) shall have no force or effect on the earlier of— (1) the date that is 5 years after the date of enactment of this Act; or (2) 30 days after the date that the President reports to Congress that the Government of the Russian Federation has ceased its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.