1. Short title
This Act may be cited as the “No Energy Revenues for Russian Hostilities Act of 2023”.
No Energy Revenues for Russian Hostilities Act of 2023
A BILL
To limit the authority of the Secretary of the Treasury to authorize United States financial institutions to engage in certain Russian-related energy transactions.
2. Limitation on authorizing certain Russian-related energy transactions
In general— The Secretary of the Treasury may not authorize, or continue in effect any existing authorization for, a United States financial institution to engage in a transaction described under General License No. 8E, dated December 15, 2022, with respect to Executive Order 14024 of April 15, 2021.
Waiver— The Secretary may waive subsection (a) for up to 90 days at a time for a United States financial institution upon certifying to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that—
the waiver is only applicable to transactions that involve funds owed to a Russian person; and
the funds, subject to approval by the Secretary, are to be used for the sale of agricultural commodities, food, medicine, or medical devices.
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 the Russian Federation has ceased its destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.