Section 1 Short title
This Act may be cited as the “Russian Sovereign Debt Prohibition Act of 2022”.
Russian Sovereign Debt Prohibition Act of 2022
A BILL
To require the Secretary of the Treasury to prohibit U.S. financial institutions from participating in the secondary market for certain Russian bonds.
Sec. 2 Prohibition on secondary market participation for Russian bonds
In general— Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall prohibit U.S. financial institutions from participating in the secondary market for ruble or non-ruble denominated bonds issued by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation, regardless of the date on which such bonds were issued.
Termination— Subsection (a) shall have no force or effect on the earlier of—
the date that is 5 years after the date of enactment of this Act; or
30 days after the date that the President reports to Congress that the government of Russia has ceased its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.
U.S. financial institution defined— The term “U.S. financial institution” has the meaning given that term under section 561.309 of title 31, Code of Federal Regulations.