This bill imposes sanctions on foreign persons and companies that buy or trade Russian crude oil and petroleum products, effective 90 days after enactment. The sanctions block any assets these individuals or entities hold in the United States and restrict their ability to conduct transactions involving U.S. property or U.S. persons. The legislation targets not only direct purchasers of Russian oil but also those who facilitate related financial transactions, provide material support, and corporate executives involved in such activities. The President can apply up to two exceptions to these sanctions: allowing countries that significantly reduce Russian oil purchases or are providing substantial support to Ukraine, permitting purchases if funds are channeled to support Ukraine's defense and reconstruction, and temporarily exempting specific Russian ports (but not those representing more than half of Russia's 2024 export capacity) during a 270-day period. The sanctions automatically expire five years after the bill becomes law, and any Russian oil sold above a Treasury-determined price cap cannot benefit from these exceptions regardless of other circumstances.
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