,i #aaith ,,congress #ast ,session ,h4 ,r4 #dcdf ,,in ,,the ,,house ,,of ,,representatives ,july #aj1 #bjbe,mr4 ,nunn of ,iowa 7for himself and ,mr4 ,gottheimer7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,a ,,bill ,to secure a peaceful resolution to the ,russia-,ukraine conflict by requiring the ,secretary of the ,treasury to prohibit1 or impose strict conditions on1 the opening or maintaining in the ,united ,states of a correspondent account or a payable-through account by certain foreign financial institutions1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,preventing the ,escalation of ,armed ,conflict in ,europe ,act of #bjbe or the ,,peace ,act of #bjbe4 #b4 ,findings ,congress finds the following3 7#a7 ,during the night of ,march #f-g1 #bjbe1 only one week after the ,president called for peace between ,russia and ,ukraine1 the ,russian military bombarded ,ukrainian energy infrastructure and civilian residences4 7#b7 ,,dtek1 a ,ukrainian gas producer1 noted that the assault represented the sixth ,russian attack on its ,odesa facilities in just the preceding two and a half weeks4 7#c7 ,on ,march #g1 #bjbe1 the ,president published the following statement3 ,based on the fact that ,russia is absolutely pounding ,ukraine on the battlefield right now1 ,i am strongly considering large scale ,banking ,sanctions1 ,sanctions1 and ,tariffs on ,russia until a ,cease ,fire and ,,final ,,settlement ,,agreement ,,on ,,peace ,,is ,,reached4 ,to ,russia and ,ukraine1 get to the table right now1 before it is too late44 7#d7 ,despite the ,president's calls for a peace settlement1 ,russia has continued to assault ,ukraine1 including an ,april #d missile attack on ,kryvyi ,rih that killed #bj people and an ,april #ac strike on ,sumy resulting in #ce deaths4 7#e7 ,on ,may #be1 #bjbe1 ,russia launched its largest aerial attack of the war1 deploying hundreds of drones and ballistic missiles throughout ,ukrainian territory4 7#f7 ,on ,may #bg1 #bjbe1 the ,president posted on social media with reference to ,russian leader ,vladimir ,putin3 ,he's playing with fire64 7#g7 ,hours after a ,july #c1 #bjbe1 call between the ,president and ,putin1 ,russia carried out its largest-yet aerial assault of the war against ,kyiv4 ,less than one week later1 following remarks by the ,president at a ,cabinet meeting criticizing ,putin1 ,russia launched an even more expansive drone strike against ,ukrainian targets4 #c4 ,sanctions with respect to the ,russian ,federation 7a7 ,in general ,not later than #ahj days after the date of the enactment of this ,act1 the ,secretary of the ,treasury shall prescribe regulations to prohibit1 or impose strict conditions on1 the opening or maintaining in the ,united ,states of a correspondent account or a payable-through account by a foreign financial institution that knowingly provides significant financial services to-- 7#a7 any foreign person designated for the imposition of sanctions with respect to the ,russian ,federation under-- 7,a7 ,executive ,orders #acffj1 #acffa1 #acffb1 #acfhe1 or #adjbd2 or 7,b7 title ,,ii of the ,countering ,america's ,adversaries through ,sanctions ,act 7,public ,law #aad-dd7 or an amendment made by that title2 7#b7 a foreign financial institution subject to the prohibitions of ,directive #b under ,executive ,order #adjbd2 7#c7 an entity listed in ,annex #a of ,directive #c under ,executive ,order #adjbd2 or 7#d7 any foreign person that the ,secretary finds operates in the energy sector of the ,russian ,federation4 7b7 ,penalties 7#a7 ,civil penalty ,a person who violates1 attempts to violate1 conspires to violate1 or causes a violation of regulations prescribed under this subsection shall be subject to a civil penalty in an amount not to exceed the greater of-- 7,a7 #cgg1gjj2 or 7,b7 an amount that is twice the amount of the transaction that is the basis of the violation with respect to which the penalty is imposed4 7#b7 ,criminal penalty ,a person who willfully commits1 willfully attempts to commit1 or willfully conspires to commit1 or aids or abets in the commission of1 a violation of regulations prescribed under this subsection shall1 upon conviction1 be fined not more than #a1jjj1jjj1 or if a natural person1 may be imprisoned for not more than #bj years1 or both4 #d4 ,determination required ,not later than #ij days after the date of enactment of this ,act1 the ,secretary of the ,treasury shall submit a report to ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate determining whether the following are foreign persons described under section #c7;a77#d73 7#a7 ,gazprom4 7#b7 ,rosneft4 7#c7 ,lukoil4 #e4 ,waiver ,with respect to a foreign financial institution1 the ,president may waive the requirements of section #c7;a7 for not more than #ahj days at a time upon reporting to ,congress that-- 7#a7 the waiver advances the objective of resolving the national emergency described in any ,executive ,order listed under section #c7;a77#a72 or 7#b7 the waiver is important to the national interest of the ,united ,states1 provided that the ,president includes a detailed explanation of the reasons therefor4 #f4 ,termination ,this ,act shall have no force or effect on the earlier of-- 7#a7 #cj days after the date that the ,president reports to ,congress that the ,russian ,federation has ceased destabilizing activities with respect to the sovereignty and territorial integrity of ,ukraine2 or 7#b7 the date that is #e years after the date of the enactment of this ,act4