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![handle is hein.congrecreports/crptxafvk0001 and id is 1 raw text is: AUTHENTICATED
U.S. GOVERNMENT
INFORMATION
GP
118TH CONGRESS 1 REPT. 118-316
1st Session HOUSE OF REPRESENTATIVES Part 1
RUSSIA AND BELARUS FINANCIAL SANCTIONS ACT OF
2023
DECEMBER 13, 2023.-Committed to the Committee of the Whole House on the State
of the Union ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 5512]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 5512) to require United States financial institutions to
ensure entities and persons owned or controlled by the institution
comply with financial sanctions on the Russian Federation and the
Republic of Belarus to the same extent as the institution itself, and
for other purposes, having considered the same, reports favorably
thereon with an amendment and recommends that the bill as
amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Russia and Belarus Financial Sanctions Act of
2023.
SEC. 2. REQUIREMENTS.
(a) IN GENERAL.-A United States financial institution shall take all actions nec-
essary and available to cause any entity or person owned or controlled by the insti-
tution to comply with any provision of law described in subsection (b) to the same
extent as required of a United States financial institution.
(b) PROVISION OF LAw DESCRIBED.-A provision of law described in this subsection
is any prohibition or limitation described in a sanctions-related statute, regulation,
or order applicable to a United States financial institution concerning the Russian
Federation or the Republic of Belarus, involving-
(1) the conduct of transactions;
(2) the acceptance of deposits;
(3) the making, granting, transferring, holding, or brokering of loans or cred-
its;
(4) the purchasing or selling of foreign exchange, securities, commodity fu-
tures, or options;
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