1. Short title
This Act may be cited as the “Stop Russian Government and Oligarchs from Limiting Democracy Act of 2022” or the “Stop Russian GOLD Act of 2022”.
Stop Russian Government and Oligarchs from Limiting Democracy Act of 2022
A BILL
To prohibit United States persons from engaging in transactions with foreign persons that purchase or transact in gold from the Russian Federation.
2. Prohibition on transactions with foreign persons that purchase or transact in Russian gold
In general— Any transaction by a United States person with a foreign person described in subsection (b) is prohibited.
Foreign person described— A foreign person is described in this subsection if the foreign person—
purchases, transacts in, or transports between countries gold received from the Government of the Russian Federation, including from reserves of the Central Bank of the Russian Federation held outside the Russian Federation; or
engages in a transaction—
involving gold; and
that has a physical or electronic nexus to the Russian Federation.
Guidance— Not later than 30 days after the date of the enactment of this Act, the Secretary of the Treasury shall publish guidance for United States persons with respect to compliance with this section, including guidance—
to ensure that United States persons are able to avoid unknowingly investing in or transacting with foreign persons described in subsection (b) through bundled or basked assets; and
to facilitate divestment from investment in and transactions with such foreign persons.
Implementation; penalties—
Implementation— The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section.
Penalties— A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.
Definitions— In this section:
Foreign person— The term foreign person means an individual or entity that is not a United States person.
United states person— The term United States person means—
a United States citizen or an alien lawfully admitted for permanent residence to the United States; or
an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity.