,,ii #aaith ,,congress #ast ,session ,s4 #ceac ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #af1 #bjbe,mr4 ,mc,cormick 7for himself1 ,ms4 ,warren1 ,mr4 ,husted1 and ,mr4 ,coons7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to impose sanctions with respect to foreign persons dealing in crude oil or petroleum products of ,russian ,federation origin4 #a4 ,short title ,this ,act may be cited as the ,decreasing ,russian ,oil ,profits ,act of #bjbe4 #b4 ,imposition of sanctions with respect to trade in ,russian origin petroleum products 7a7 ,in general ,beginning on the date that is #ij days after the date of the enactment of this ,act1 the ,president shall impose the sanctions described in subsection 7b7 with respect to any foreign person that the ,secretary of the ,treasury1 in consultation with the ,secretary of ,state1 determines-- 7#a7 is responsible for or complicit in1 or has directly or indirectly engaged or attempted to engage in1 the purchase or importation into any country of crude oil or petroleum products of ,russian ,federation origin2 7#b7 has knowingly facilitated financial transactions related to an activity described in paragraph 7#a72 7#c7 has materially assisted1 sponsored1 or provided material support for any activity described in paragraph 7#a7 or 7#b7 by any person with respect to which sanctions have been imposed under paragraph 7#a7 or 7#b72 or 7#d7 is or has been a chief executive officer or member of the board of directors of any entity described in any of paragraphs 7#a7 through 7#c74 7b7 ,sanctions described ,the sanctions described in this subsection are the exercise all of the powers granted to the ,president by the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq47 to the extent necessary to block and prohibit all transactions in property and interests in property of a foreign person 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 7c7 ,permissible exception frameworks 7#a7 ,in general ,the ,president may apply not more than #b of the types of exceptions described in paragraph 7#b7 with respect to the application of sanctions under subsection 7a74 7#b7 ,exceptions described 7,a7 ,exception for countries that isolate ,russian funds and reduce purchases 7i7 ,in general ,the ,president may apply an exception to the application of sanctions under subsection 7a7 with respect to the purchase or importation into a country of crude oil or petroleum products of ,russian ,federation origin if the ,president determines and certifies in writing to the appropriate congressional committees that-- 7,i7 any funds owed by the government of that country or persons of that country to the ,russian ,federation or to the sellers of crude oil or petroleum products of ,russian ,federation origin as a result of the purchase or importation will be-- 7aa7 credited to an account located in that country2 and 7bb7 used only to facilitate transactions in agricultural commodities1 food1 medicine1 or medical devices between the ,russian ,federation and the country2 and 7,,ii7 the government of the country has committed to significantly reduce its purchases of crude oil and petroleum products of ,russian ,federation origin4 7ii7 ,renewal required ,the authority to apply the exception under clause 7i7 shall expire if the ,president does not certify1 not later than #ahj days after the date of the enactment of this ,act1 and every #ahj days thereafter1 that-- 7,i7 the country has significantly reduced its volume of purchases of crude oil and petroleum products of ,russian ,federation origin during the preceding #ahj-;day period2 or 7,,ii7 the price and supply of crude oil and petroleum products produced in countries other than the ,russian ,federation is not sufficient to permit purchasers of crude oil and petroleum products of ,russian ,federation origin to reduce significantly in volume their purchases from the ,russian ,federation4 7iii7 ,sanctions for misuse of account ,any foreign person responsible for or complicit in1 or that has directly or indirectly engaged or attempted to engage in1 transactions reliant on the funds in an account described in clause 7i77,i7 for any purpose other than to facilitate transactions in agricultural commodities1 food1 medicine1 or medical devices between the ,russian ,federation and the country in which the account is located shall be subject to the sanctions described in subsection 7b74 7,b7 ,exception for deposits into account to support ,ukraine 7i7 ,in general ,the ,president may apply an exception to the application of sanctions under subsection 7a7 with respect to the purchase or importation into a country of crude oil or petroleum products of ,russian ,federation origin if a payment per barrel of such crude oil or petroleum products has been deposited into an account that the ,president has established for the benefit of ,ukraine4 7ii7 ,guidance ,the ,president may issue guidance and develop implementation tools that assist private sector entities in verifying that the payments described in clause 7i7 corresponding to specific purchases have been deposited in the account described in that clause4 7iii7 ,use of funds 7,i7 ,in general ,the funds in an account established as described in clause 7i7 shall be available only for-- 7aa7 the purposes specified in section #ajd7;f7 of the ,rebuilding ,economic ,prosperity and ,opportunity for ,ukrainians ,act 7division ,f of ,public ,law #aah-ej2 #bb ,u4,s4,c4 #ieba note72 and 7bb7 funding the purchase by the ,government of ,ukraine of defense articles for ,ukraine to employ in response to ,russian ,federation aggression4 7,,ii7 ,timely disbursement ,a significant proportion of funds in an account established as described in clause 7i7 shall be disbursed not less frequently than every #ij days for the purposes described in subclause 7,i74 7iv7 ,limitations on transfers and expenditures of funds 7,i7 ,notification of transfers 7aa7 ,in general ,the ,secretary of ,state shall notify the appropriate congressional committees not fewer than #ae days before transferring any funds from an account established as described in clause 7i7 to any other account for the purposes described in clause 7iii7 or otherwise expending any of such funds for such purposes4 7bb7 ,elements ,a notification under item 7aa7 shall specify-- 7,,aa7 the amount of funds to be transferred or expended2 7,,bb7 the specific purpose for which the funds are transferred or expended2 and 7,,cc7 the recipient of those funds4 7,,ii7 ,certification of transparency and accountability ,no funds may be transferred or otherwise expended from an account established as described in clause 7i7 unless the ,president submits to the appropriate congressional committees in writing a certification that a plan exists to ensure transparency and accountability for all funds transferred into and expended from any account receiving the funds4 7,,iii7 ,joint resolution of disapproval ,no funds may be transferred or expended pursuant to this clause if1 within #ae days of receipt of the notification under subclause 7,i71 a joint resolution is enacted into law prohibiting such transfer4 7,c7 ,exception for countries supporting ,ukraine 7i7 ,in general ,the ,president may apply an exception to the application of sanctions under subsection 7a7 with respect to the purchase or importation into any country of crude oil or petroleum products of ,russian ,federation origin if the ,president determines and certifies in writing to the appropriate congressional committees that the government of that country is providing significant economic or military support to the ,government of ,ukraine4 7ii7 ,renewal required ,the authority to apply the exception under clause 7i7 with respect to a country shall expire if the ,president does not certify1 not later than #ahj days after the date of the enactment of this ,act1 and every #ahj days thereafter1 that the government of the country is providing significant economic or military support to the ,government of ,ukraine4 7,d7 ,temporary port-specific exceptions 7i7 ,in general ,during the period beginning on the date of the enactment of this ,act and ending on the date that is #bgj days after such date of enactment1 the ,president may apply an exception to the application of sanctions under subsection 7a7 for the purchase or the importation into any country of crude oil or petroleum products of ,russian ,federation exported from specific ,russian ,federation ports if the ,president submits to the appropriate congressional committees a report providing a justification for the exception4 7ii7 ,limitation ,an exception applied under clause 7i7 may not cover1 at any time1 ports that are estimated to have cumulatively accounted for more than half of the oil export capacity of the ,russian ,federation in #bjbd4 7#c7 ,sanctions related to crude oil and petroleum products sold above price cap without regard to ,group of #g nexus 7,a7 ,in general ,any exception described in paragraph 7#b7 that the ,president applies to the requirement to impose sanctions under subsection 7a7 shall not apply with respect to an activity described in subparagraph 7,b7 if the activity facilitates the maritime transport of crude oil or petroleum products of ,russian ,federation origin purchased for an amount greater than the relevant price cap determined by the ,secretary of the ,treasury for crude oil or petroleum products of ,russian ,federation origin4 7,b7 ,activities described ,the activities described in this subparagraph are transporting1 trading or commodities brokering1 financing1 shipping1 insuring1 flagging1 or customs brokering related to the purchase or importation of crude oil or petroleum products of ,russian ,federation origin4 7,c7 ,applicability to service providers based outside of group of #g countries ,subparagraph 7,a7 applies without regard to whether the person engaging in an activity described in subparagraph 7,b7 is organized under the laws of or otherwise subject to the jurisdiction of a country that is a member of the ,group of #g4 7d7 ,sunset ,the provisions of this section1 and any sanctions imposed under this section1 shall terminate on the date that is #e years after the date of the enactment of this ,act4 7e7 ,definitions ,in this section3 7#a7 ,agricultural commodity ,the term agricultural commodity has the meaning given such term in section #ajb of the ,agricultural ,trade ,act of #aigh 7#g ,u4,s4,c4 #efjb74 7#b7 ,appropriate congressional committees ,the term appropriate congressional committees means-- 7,a7 the ,committee on ,banking1 ,housing1 and ,urban ,affairs and the ,committee on ,foreign ,relations of the ,senate2 and 7,b7 the ,committee on ,foreign ,affairs and the ,committee on ,financial ,services of the ,house of ,representatives4 7#c7 ,defense article ,the term defense article has the meaning given that term in section #dg of the ,arms ,export ,control ,act 7#bb ,u4,s4,c4 #bgid74 7#d7 ,foreign person ,the term foreign person means an individual or entity that is not a ,united ,states person4 7#e7 ,knowingly ,the term knowingly1 with respect to conduct1 a circumstance1 or a result1 means that a person had actual knowledge1 or should have known1 of the conduct1 the circumstance1 or the result4 7#f7 ,medical device ,the term medical device has the meaning given the term device in section #bja of the ,federal ,food1 ,drug1 and ,cosmetic ,act 7#ba ,u4,s4,c4 #cba74 7#g7 ,medicine ,the term medicine has the meaning given the term drug in section #bja of the ,federal ,food1 ,drug1 and ,cosmetic ,act 7#ba ,u4,s4,c4 #cba74 7#h7 ,united states person ,the term ,united ,states person means-- 7,a7 a ,united ,states citizen or an alien lawfully admitted for permanent residence to the ,united ,states2 7,b7 an entity organized under the laws of the ,united ,states or any jurisdiction within the ,united ,states1 including a foreign branch of such an entity2 or 7,c7 any person located in the ,united ,states4