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.
The End Russian Oil Windfalls Act cancels two Treasury Department licenses that allowed Russian crude oil and petroleum products to be sold and delivered to India and other destinations. The bill immediately nullifies these licenses and prohibits the Treasury Department from issuing similar authorizations for Russian oil transactions in the future. Within 30 days of enactment, the President must impose sanctions on Russian individuals and companies involved in oil extraction, refinement, maritime transportation, and other petroleum operations, including asset freezes in the United States and visa revocations for foreign nationals involved in these activities. The bill includes exceptions for humanitarian assistance, food, medicine, and activities necessary to comply with international obligations. Additionally, the State Department must submit detailed reports every 60 days for three years analyzing the impact of the cancelled licenses on Russian oil exports and government revenue, and every 180 days for two years on any involvement by Russian energy companies in the abduction or deportation of Ukrainian civilians.
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