HR 5512
Russia and Belarus Financial Sanctions Act of 2023
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- Passed House
- Passed Senate
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- Became Law
Bill overview
This bill requires U.S. financial institutions to ensure that any entities or people they own or control also comply with financial sanctions against Russia and Belarus. It expands the responsibility of these institutions to include overseeing the actions of their subsidiaries, affiliates, and branches, and to cover a broad range of financial activities. The goal is to strengthen enforcement of existing sanctions and prevent U.S. financial institutions from inadvertently supporting sanctioned entities. This legislation aims to close loopholes and ensure comprehensive compliance with sanctions policies.
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