Referred to the Committee on Foreign Affairs, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill prohibits U.S. persons and companies from providing petroleum equipment and services to Russia's energy sector, closing a potential loophole by also holding U.S.-owned foreign subsidiaries liable if they engage in such transactions. The legislation imposes significant penalties on foreign companies that violate these restrictions, including blocking their U.S. assets and making their officers and major shareholders ineligible for U.S. visas. The President must implement regulations within 180 days of enactment and can make limited waivers lasting up to 180 days if they are vital to national security. The bill carves out narrow exceptions for petroleum-derived medical isotopes and humanitarian assistance related to food, medicine, and disaster relief.
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