22 U.S.C. § 8924 — Sanctions on Russian and other foreign financial institutions

(a) Facilitation of certain defense- and energy-related transactions — The President must impose the sanction in (c), unless the President decides it is not in the national interest, on a foreign financial institution^* the President finds knowingly engaged, since August 2, 2017, in significant transactions tied to specific defense- or energy-sector sanctionable activities (described by cross-reference to section 8923) involving people already sanctioned under section 8923.

(b) Facilitation of financial transactions on behalf of specially designated nationals — The President must impose the sanction in (c), unless not in the national interest, on a foreign financial institution^* the President finds knowingly facilitated, since 30 days after August 2, 2017, a significant financial transaction for a Russian person^* on Treasury's list of specially designated nationals and blocked persons, under (1) this chapter, (2) three specific Executive orders about Ukraine (13660, 13661, 13662), or (3) any other Ukraine-crisis Executive order.

(c) Sanction described — For a foreign financial institution, the sanction is banning it from opening — or, if already open, strictly restricting or banning it from keeping — a U.S. correspondent account^* or payable-through account^*.

(d) National security waiver — The President may waive sanctions under this section by (1) finding the waiver serves national security interests, and (2) sending Congress a report on that finding and its reasons.

(e) Notification to Congress — The President must notify Congress in writing within 15 days of imposing sanctions on a foreign financial institution under (a) or (b).

(f) Implementation; penalties
(1) The President may use all authorities under sections 1702 and 1704 of title 50 to carry this section out.
(2) Anyone who violates, tries to, conspires to, or causes a violation of (a) or (b) (or a related order or regulation) faces the same penalties as violating section 1705 of title 50 directly.

(g) Termination — This section and its sanctions end on the date the President sends Congress the certification described in section 8923(i) — the same certification that Russia has stopped its destabilizing actions toward Ukraine.