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H.R. 5512, Russia and Belarus Financial Sanctions Act of 2023 (CBO Report for Congress)

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Congress 118th
Date Requested Sept. 20, 2023
Requested By House Committee on Financial Services
Date Sent Dec. 7, 2023
Description:
H.R. 5512 would require U.S. financial institutions to prevent their foreign branches or other entities within their control from providing financial goods or services that violate existing federal sanctions, regulations, or orders related to Russia or Belarus. Under the bill, financial institutions that fail to take the required actions would be subject to criminal and civil monetary penalties. Such penalties are recorded as revenues, and a portion can be spent without further appropriation.

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