This bill imposes strict financial sanctions on foreign companies and individuals who buy, sell, or facilitate transactions involving Russian crude oil and petroleum products. Beginning 90 days after enactment, the President is authorized to freeze assets and block property in the United States belonging to sanctioned entities. The legislation allows for up to two limited exceptions: countries that isolate Russian funds and reduce oil purchases, countries that pay into an account to support Ukraine's defense, and countries providing significant military or economic support to Ukraine, though these exceptions require presidential certification every 180 days. Additionally, the bill includes a temporary 270-day grace period for specific Russian ports, though this cannot cover ports representing more than half of Russia's 2024 oil export capacity. All sanctions will automatically expire five years after the law takes effect, regardless of political circumstances at that time.
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