Protecting Our Wellbeing by Expanding Russian Sanctions Act or the POWERS Act
This bill expands existing sanctions against foreign persons engaged in certain activities related to the Nord Stream 2 and TurkStream pipelines, two Russian pipelines that were constructed to supply natural gas to Europe.
Currently, these sanctions apply to foreign persons that (1) provided pipe-laying vessels for the construction of either pipeline, (2) facilitated certain transactions for such vessels, (3) provided certain underwriting services or insurance for such vessels, or (4) provided certain services for such vessels or Nord Stream 2. Under this bill, these sanctions must also apply to any foreign person that engaged in any transaction with such sanctioned persons.
The bill also reinstates any sanctions that were previously waived with respect to Nord Stream 2 AG (the company established to construct and operate the pipeline) or any of its corporate officers. Such reinstated sanctions may not be waived except by an act of Congress.
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