To limit the authority of the Secretary of the Treasury to authorize United States financial institutions to engage in certain Russian-related energy transactions blocked by Executive Order 14024, and for other purposes.
No Energy Revenues for Russian Hostilities Act of 2022
This bill prohibits, with some exceptions, the Department of the Treasury from authorizing certain energy-related transactions that would otherwise be blocked by an executive order barring transactions related to specified harmful foreign activities of the Russian government.
The bill also revokes a license issued February 28, 2022, by the Office of Foreign Assets Control within Treasury that authorized certain transactions barred by the executive order.
The bill allows a waiver from the limitation on an energy transaction if the transaction involves funds owed to a Russian person and the funds are to be used for the sale of agricultural commodities, food, medicine, or medical devices. The bill terminates on the earlier of five years after its enactment, or 30 days after the President reports to Congress that Russia has ceased activities destabilizing the sovereignty and territorial integrity of Ukraine.
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