HB5512: Russia and Belarus Financial Sanctions Act of 2023
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
To require United States financial institutions to ensure entities and persons owned or controlled by the institution comply with financial sanctions on the Russian Federation and the Republic of Belarus to the same extent as the institution itself, and for other purposes.
Plain-language summary
This bill requires U.S. banks and financial companies to make sure their subsidiaries and controlled entities follow U.S. sanctions against Russia and Belarus, just like the main institution must. Currently, a parent company must comply with sanctions, but this bill closes a potential loophole where owned or controlled subsidiaries might not follow the same rules. The bill was introduced in the House in 2023 with bipartisan sponsors but has not yet advanced out of . Sanctions are legal punishments that restrict financial dealings with specific countries or groups.
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HB5512: Russia and Belarus Financial Sanctions Act of 2023
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Sponsors
Brad Sherman
Primary SponsorCo-sponsors (3)
Joyce Beatty
French Hill
Sylvia Garcia