22 U.S.C. § 9523 — Modification of implementation of Executive Order No. 13662
submitted 9 years ago by Pub. L. 115-44 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 490 words · no verdicts yet
This section directs Treasury to identify certain Russian state-owned entities for sanctions and to modify three sanctions directives with specified deadlines and prohibitions.
(a) Treasury may decide that a person* meets one or more Executive Order 13662 section 1(a) criteria if the person is a Russian state-owned entity operating in railways or metals and mining. (b) Within 60 days after August 2, 2017, Treasury must modify amended Directive 1, dated September 12, 2014, issued by OFAC under Order 13662, or a successor directive effective 60 days after modification, so it prohibits United States persons and persons in the United States from all transactions in, financing of, and other dealings in new debt over 14 days’ maturity or new equity of covered persons, their property, or property interests. (c) Within the same 60-day period, Treasury must similarly modify Directive 2, or a successor effective 60 days after modification, to prohibit those dealings in new debt over 60 days’ maturity involving covered persons or their property interests. (d) Within 90 days after August 2, 2017, Treasury must modify Directive 4, or a successor effective 90 days after modification, so it prohibits United States persons and persons in the United States from directly or indirectly providing, exporting, or reexporting goods, services other than financial services, or technology supporting exploration or production of new deepwater, Arctic offshore, or shale projects that (1) could produce oil and (2) involve a covered person, property, or property interest of a person with a controlling or substantial noncontrolling ownership interest, defined as at least 33%.
The Secretary of the Treasury may determine that a person* meets one or more of the criteria in section 1(a) of Executive Order No. 13662 if that person is a state-owned entity operating in the railway or metals and mining sector of the economy of the Russian Federation.
Not later than 60 days after August 2, 2017, the Secretary of the Treasury shall modify Directive 1 (as amended), dated September 12, 2014, issued by the Office of Foreign Assets Control under Executive Order No. 13662, or any successor directive (which shall be effective beginning on the date that is 60 days after the date of such modification), to ensure that the directive prohibits the conduct by United States persons or persons within the United States of all transactions in, provision of financing for, and other dealings in new debt of longer than 14 days maturity or new equity of persons determined to be subject to the directive, their property, or their interests in property.
Not later than 60 days after August 2, 2017, the Secretary of the Treasury shall modify Directive 2 (as amended), dated September 12, 2014, issued by the Office of Foreign Assets Control under Executive Order No. 13662, or any successor directive (which shall be effective beginning on the date that is 60 days after the date of such modification), to ensure that the directive prohibits the conduct by United States persons or persons within the United States of all transactions in, provision of financing for, and other dealings in new debt of longer than 60 days maturity of persons determined to be subject to the directive, their property, or their interests in property.
Not later than 90 days after August 2, 2017, the Secretary of the Treasury shall modify Directive 4, dated September 12, 2014, issued by the Office of Foreign Assets Control under Executive Order No. 13662, or any successor directive (which shall be effective beginning on the date that is 90 days after the date of such modification), to ensure that the directive prohibits the provision, exportation, or reexportation, directly or indirectly, by United States persons or persons within the United States, of goods, services (except for financial services), or technology in support of exploration or production for new deepwater, Arctic offshore, or shale projects—
that have the potential to produce oil; and
that involve any person determined to be subject to the directive or the property or interests in property of such a person who has a controlling interest or a substantial non-controlling ownership interest in such a project defined as not less than a 33 percent interest.
Source credit: (Pub. L. 115–44, title II, § 223, Aug. 2, 2017, 131 Stat. 907.)
- 2017Enacted · Pub. L. 115-44 · 131 Stat. 907
A history note hasn’t been published yet. The record shows enactment by Pub. L. 115-44 on 2017-08-02.
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