2016 US Code
Title 22 - Foreign Relations and Intercourse
Chapter 96A - Ukraine Freedom Support
Sec. 8924 - Sanctions on Russian and other foreign financial institutions
| 22 U.S.C. § 8924 (2016) |
| §8924. Sanctions on Russian and other foreign financial institutions |
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(a) Facilitation of certain defense- and energy-related transactions
The President may impose the sanction described in subsection (c) with respect to a foreign financial institution that the President determines knowingly engages, on or after December 18, 2014, in significant transactions involving activities described in subparagraph (A)(ii) or (B) of section 8923(a)(2) of this title or paragraph (1) or (3) of section 8923(b) of this title for persons with respect to which sanctions are imposed under section 8923 of this title. (b) Facilitation of financial transactions on behalf of specially designated nationalsThe President may impose the sanction described in subsection (c) with respect to a foreign financial institution if the President determines that the foreign financial institution has, on or after the date that is 180 days after December 18, 2014, knowingly facilitated a significant financial transaction on behalf of any Russian person included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury, pursuant to— (1) this chapter; (2) Executive Order No. 13660 (79 Fed. Reg. 13,493), 13661 (79 Fed. Reg. 15,535), or 13662 (79 Fed. Reg. 16,169); or (3) any other Executive order addressing the crisis in Ukraine. The sanction described in this subsection is, with respect to a foreign financial institution, a prohibition on the opening, and a prohibition or the imposition of strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by the foreign financial institution. (d) National security waiverThe President may waive the application of sanctions under this section with respect to a foreign financial institution if the President— (1) determines that the waiver is in the national security interest of the United States; and (2) submits to the appropriate congressional committees a report on the determination and the reasons for the determination. The President may exercise all authorities provided under sections 1702 and 1704 of title 50 to carry out the purposes of this section. The penalties provided for in subsections (b) and (c) of section 1705 of title 50 shall apply to a person that violates, attempts to violate, or conspires to violate, or causes a violation of, subsection (a) or (b) of this section, or an order or regulation prescribed under either such subsection, to the same extent that such penalties apply to a person that commits an unlawful act described in section 1705(a) of title 50. This section, and sanctions imposed under this section, shall terminate on the date on which the President submits to the appropriate congressional committees the certification described in section 8923(h) of this title. |
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(Pub. L. 113–272, §5, Dec. 18, 2014, 128 Stat. 2958.) |
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Termination of Section
For termination of section, see subsection (f) of this section. REFERENCES IN TEXTExecutive Order No. 13660, referred to in subsec. (b)(2), is Ex. Ord. No. 13660, Mar. 6, 2014, 79 F.R. 13493, which is listed in a table under section 1701 of Title 50, War and National Defense. Executive Order No. 13661, referred to in subsec. (b)(2), is Ex. Ord. No. 13661, Mar. 16, 2014, 79 F.R. 15535, which is listed in a table under section 1701 of Title 50, War and National Defense. Executive Order No. 13662, referred to in subsec. (b)(2), is Ex. Ord. No. 13662, Mar. 20, 2014, 79 F.R. 16169, which is listed in a table under section 1701 of Title 50, War and National Defense. |
| United States Code, 2012 Edition, Supplement 4, Title 22 - FOREIGN RELATIONS AND INTERCOURSE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 22 - FOREIGN RELATIONS AND INTERCOURSE CHAPTER 96A - UKRAINE FREEDOM SUPPORT Sec. 8924 - Sanctions on Russian and other foreign financial institutions |
| section 8924 |
| 2016 |
| January 6, 2017 |
| No |
| standard |
| Executive Order 13660, Executive Order 13661, Executive Order 13662 |
| 128 Stat. 2958 |
| Public Law 113-272 |
