,,ib ,union ,calendar ,no4 #bgg #aaith ,,congress #ast ,session ,h4 ,r4 #dcdf ,report ,no4 #aai-cbd ,,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 ,october #c1 #bjbe;,additional sponsors3 ,mr4 ,barrett1 ,mr4 ,conaway1 and ,mr4 ,suozzi ,october #c1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,july #aj1 #bjbe ,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 #bjbe 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 7#h7 ,on ,july #ad1 #bjbe1 the ,president reiterated his displeasure with ,putin and ,moscow's obstruction of the peace process4 ,i speak to ,putin a lot about getting this thing done1 said the ,president while announcing new weapons deliveries for ,ukraine4 ,and ,i always hang up and say1 ,well1 that was a nice phone call4 ,and then missiles are launched into ,kyiv or some other city4 ,the ,president continued1 ,ultimately talk doesn't talk4 ,it's got to be action4 ,it's got to be results44 #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 ,order #adjbd2 or 7,b7 title ,,ii of the ,countering ,america's ,adversaries through ,sanctions ,act 7,public ,law #aae-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 the ,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 the ,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 ,transfer of certain ,russian assets held by ,united ,states financial institutions 7a7 ,transfer from ,united ,states financial institutions 7#a7 ,in general ,not later than #ij days following the date of the enactment of this ,act1 the ,secretary of the ,treasury shall-- 7,a7 seize1 confiscate1 transfer1 or vest any covered ,russian resources1 in whole or in part1 and including any interest or interests in such assets1 held by a ,united ,states financial institution2 and 7,b7 deposit the resulting funds into the ,ukraine ,support ,fund established under subsection #ajd7;d7 of the ,,repo for ,ukrainians ,act 7#bb ,u4,s4,c4 #ieba note71 which may be used for the purposes specified in section #ajd7;f7 of such ,act or for the purchase of defense articles for the ,government of ,ukraine4 7#b7 ,authorities ,the ,secretary of the ,treasury shall have the same authority under this subsection with respect to covered ,russian resources as are provided to the ,president under section #ajd7;b7 of the ,,repo for ,ukrainians ,act 7#bb ,u4,s4,c4 #ieba note7 with respect to ,russian aggressor state sovereign assets4 7b7 ,waiver ,the ,president may waive the requirements of subsection 7a7 for up to #ahj days at a time1 for a cumulative period not to exceed #a year1 upon reporting to ,congress in writing that-- 7#a7 the ,government of the ,russian ,federation is taking meaningful steps to cease its destabilizing activities with respect to the sovereignty and territorial integrity of ,ukraine2 or 7#b7 the waiver is important to the national interest of the ,united ,states4 7c7 ,definitions ,in this section3 7#a7 ,covered ,russian resources ,the term covered ,russian resources means funds and other property of the ,central ,bank of the ,russian ,federation1 the ,russian ,national ,wealth ,fund1 or the ,ministry of ,finance of the ,russian ,federation that-- 7,a7 are included in a report pursuant to-- 7i7 directive #d of ,executive ,order #adjbd2 or 7ii7 section #ajd7;a7 of the ,,repo for ,ukrainians ,act 7#bb ,u4,s4,c4 #ieba note72 and 7,b7 are located in the ,united ,states4 7#b7 ,united ,states financial institution ,the term ,united ,states financial institution means-- 7,a7 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,,aa7 section #ecab7;a77#b7 of title #ca1 ,united ,states ,code1 as amended by the ,william ,m4 7,mac7 ,thornberry ,national ,defense ,authorization ,act for ,fiscal ,year #bjba2 and 7,b7 such other persons or entities as the ,secretary of the ,treasury determines appropriate4 #g4 ,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 ,october #c1 #bjbe,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed