S.Amdt. 6196

1. Adds SEC. 1239. ESTABLISHMENT AND ENFORCEMENT OF PRICE CAP ON EXPORTS OF PETROLEUM AND PETROLEUM PRODUCTS FROM THE RUSSIAN FEDERATION at the end of subtitle C of title XII

   Adds a section

   In S.Amdt. 5499 as proposed

   (E) support energy diversification efforts across the Euro-Atlantic region to reduce the dependency on energy from the Russian Federation.

   Inserted: SEC. 1239. ESTABLISHMENT AND ENFORCEMENT OF PRICE CAP ON EXPORTS OF PETROLEUM AND PETROLEUM PRODUCTS FROM THE RUSSIAN FEDERATION.

   Inserted: (a) Price Cap on Russian Petroleum and Petroleum Products.--

   Inserted: (1) Establishment of price cap.--

   Inserted: (A) In general.--Not later than March 30, 2023, the President shall, in consultation with the governments of countries that are allies and partners of the United States, establish a cap on the price of seaborne petroleum and petroleum products exported from the Russian Federation.

   Inserted: (B) Reductions in price cap.--The President shall reduce the price cap established under subparagraph (A) not less frequently than once each year, on or before March 30, 2024, March 30, 2025, and March 30, 2026, in a manner that ensures that, by March 30, 2026, the cap is low enough to prevent the Russian Federation from making a profit on exports of seaborne petroleum and petroleum products.

   Inserted: (2) Suspension of price cap reduction.--For any year for which the President is required under subparagraph (B) of paragraph (1) to reduce the cap established under subparagraph (A) of that paragraph, the President may suspend the requirement to reduce the cap if--

   Inserted: (A) the President--

   Inserted: (i) determines that the suspension is necessary to prevent an unacceptable increase in the global price of petroleum; and

   Inserted: (ii) not less than 30 days before the suspension is to take effect, submits to the appropriate congressional committees a report on the suspension that includes an explanation of the basis for the suspension; and

   Inserted: (B) a joint resolution of disapproval is not enacted into law under subsection (d) during the 30-day period referred to in subparagraph (A)(ii).

   Inserted: (3) Imposition of sanctions to enforce price cap.--The President shall impose one of the sanctions described in subsection (b) with respect to any foreign person that, on or after March 30, 2023, knowingly imports, brokers, insures, reinsures, or finances the sale of seaborne petroleum or petroleum products exported from the Russian Federation at a price that is higher than the price cap in effect under paragraph (1).

   Inserted: (b) Sanctions Described.--The sanctions that may be imposed with respect to a foreign person under subsection (a) are the following:

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   Inserted: (1) Property blocking.--The exercise of all powers granted to the President by the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the extent necessary to block and prohibit all transactions in property and interests in property of the foreign person if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person.

   Inserted: (2) Prohibition on correspondent and payable-through accounts.--A prohibition on the opening or maintaining in the United States of a correspondent account or a payable-through account by the foreign person.

   Inserted: (c) National Interest Waiver.--The President may waive the imposition of sanctions under this section with respect to a foreign person if--

   Inserted: (1) the President--

   Inserted: (A) determines the waiver in the national interests of the United States; and

   Inserted: (B) not less than 30 days before the waiver is to take effect, submits to the appropriate congressional committees a report on the waiver that includes an explanation of the basis for the waiver; and

   Inserted: (2) a joint resolution of disapproval is not enacted into law under subsection (d) during the 30-day period referred to in paragraph (1)(B).

   Inserted: (d) Joint Resolutions of Disapproval.--

   Inserted: (1) Definition.--In this subsection, the term "joint resolution of disapproval" means--

   Inserted: (A) in the case of a joint resolution of disapproval referred to in subsection (a)(2)(B), a joint resolution of either House of Congress the sole matter after the resolving clause of which is the following: "Congress disapproves of the suspension of the requirement to reduce the price cap established under subsection (a) of section 1239 of the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 proposed by the President in the report submitted to Congress under paragraph (2)(A)(ii) of that subsection on ___.", with the blank space being filled with the appropriate date; and

   Inserted: (B) in the case of a joint resolution of disapproval referred to in subsection (c)(2), a joint resolution of either House of Congress the sole matter after the resolving clause of which is the following: "Congress disapproves of the waiver of the imposition of sanctions under subsection (c) of section 1239 of the James M. Inhofe National Defense Authorization Act for Fiscal Year 2023 proposed by the President in the report submitted to Congress under paragraph (1)(B) of that subsection on ___ relating to ___", with the first blank space being filled with the appropriate date and the second blank space being filled with the name of the person to which the waiver would apply; and

   Inserted: (2) Introduction.--During the 30-day period referred to in subsection (a)(2)(B) or (c)(2), as the case may be, a joint resolution of disapproval may be introduced--

   Inserted: (A) in the House of Representatives, by the majority leader or the minority leader; and

   Inserted: (B) in the Senate, by the majority leader (or the majority leader's designee) or the minority leader (or the minority leader's designee).

   Inserted: (3) Floor consideration in house of representatives.--If a committee of the House of Representatives to which a joint resolution of disapproval has been referred has not reported the joint resolution within 10 calendar days after the date of referral, that committee shall be discharged from further consideration of the joint resolution.

   Inserted: (4) Consideration in the senate.--

   Inserted: (A) Committee referral.--A joint resolution of disapproval introduced in the Senate shall be referred to the Committee on Banking, Housing, and Urban Affairs.

   Inserted: (B) Reporting and discharge.--If the Committee on Banking, Housing, and Urban Affairs has not reported the joint resolution within 10 calendar days after the date of referral of the joint resolution, that committee shall be discharged from further consideration of the joint resolution and the joint resolution shall be placed on the appropriate calendar.

   Inserted: (C) Proceeding to consideration.--Notwithstanding Rule XXII of the Standing Rules of the Senate, it is in order at any time after the Committee on Banking, Housing, and Urban Affairs reports a joint resolution of disapproval to the Senate or has been discharged from consideration of such a joint resolution (even though a previous motion to the same effect has been disagreed to) to move to proceed to the consideration of the joint resolution, and all points of order against the joint resolution (and against consideration of the joint resolution) are waived. The motion to proceed is not debatable. The motion is not subject to a motion to postpone. A motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order.

   Inserted: (D) Rulings of the chair on procedure.--Appeals from the decisions of the Chair relating to the application of the rules of the Senate, as the case may be, to the procedure relating to a joint resolution of disapproval shall be decided without debate.

   Inserted: (E) Consideration of veto messages.--Debate in the Senate of any veto message with respect to a joint resolution of disapproval, including all debatable motions and appeals in connection with the joint resolution, shall be limited to 10 hours, to be equally divided between, and controlled by, the majority leader and the minority leader or their designees.

   Inserted: (5) Rules relating to senate and house of representatives.--

   Inserted: (A) Treatment of senate joint resolution in house.--In the House of Representatives, the following procedures shall apply to a joint resolution of disapproval received from the Senate (unless the House has already passed a joint resolution relating to the same proposed action):

   Inserted: (i) The joint resolution shall be referred to the appropriate committees.

   Inserted: (ii) If a committee to which a joint resolution has been referred has not reported the joint resolution within 2 calendar days after the date of referral, that committee shall be discharged from further consideration of the joint resolution.

   Inserted: (iii) Beginning on the third legislative day after each committee to which a joint resolution has been referred reports the joint resolution to the House or has been discharged from further consideration thereof, it shall be in order to move to proceed to consider the joint resolution in the House. All points of order against the motion are waived. Such a motion shall not be in order after the House has disposed of a motion to proceed on the joint resolution. The previous question shall be considered as ordered on the motion to its adoption without intervening motion. The motion shall not be debatable. A motion to reconsider the vote by which the motion is disposed of shall not be in order.

   Inserted: (iv) The joint resolution shall be considered as read. All points of order against the joint resolution and against its consideration are waived. The previous question shall be considered as ordered on the joint resolution to final passage without intervening motion except 2 hours of debate equally divided and controlled by the sponsor of the joint resolution (or a designee) and an opponent. A motion to reconsider the vote on passage of the joint resolution shall not be in order.

   Inserted: (B) Treatment of house joint resolution in senate.--

   Inserted: (i) Receipt before passage.--If, before the passage by the Senate of a joint resolution of disapproval, the Senate receives an identical joint resolution from the House of Representatives, the following procedures shall apply:

   Inserted: (I) That joint resolution shall not be referred to a committee.

   Inserted: (II) With respect to that joint resolution--

   Inserted: (aa) the procedure in the Senate shall be the same as if no joint resolution had been received from the House of Representatives; but

   Inserted: (bb) the vote on passage shall be on the joint resolution from the House of Representatives.

   Inserted: (ii) Receipt after passage.--If, following passage of a joint resolution of disapproval in the Senate, the Senate receives an identical joint resolution from the House of Representatives, that joint resolution shall be placed on the appropriate Senate calendar.

   Inserted: (iii) No companion measure.--If a joint resolution of disapproval is received from the House, and no companion joint resolution has been introduced in the Senate, the Senate procedures under this subsection shall apply to the House joint resolution.

   Inserted: (C) Application to revenue measures.--The provisions of this paragraph shall not apply in the House of Representatives to a joint resolution of disapproval that is a revenue measure.

   Inserted: (6) Rules of house of representatives and senate.--This subsection is enacted by Congress--

   Inserted: (A) as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such is deemed a part of the rules of each House, respectively, and supersedes other rules only to the extent that it is inconsistent with such rules; and

   Inserted: (B) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.

   Inserted: (e) Implementation; Penalties.--

   Inserted: (1) Implementation.--The President may exercise all authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section.

   Inserted: (2) Penalties.--A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.

   Inserted: (f) Exceptions.--

   Inserted: (1) Exception for intelligence and law enforcement activities.--This section shall not apply with respect to activities subject to the reporting requirements under title V of the National Security Act of 1947 (50 U.S.C. 3091 et seq.) or any authorized intelligence or law enforcement activities of the United States.

   Inserted: (2) Exception relating to importation of goods.--

   Inserted: (A) In general.--The authority or a requirement to impose sanctions under this section shall not include the authority or a requirement to impose sanctions on the importation of goods.

   Inserted: (B) Good defined.--In this paragraph, the term "good" means any article, natural or manmade substance, material, supply, or manufactured product, including inspection and test equipment, and excluding technical data.

   Inserted: (g) Termination.--This section and the requirements to impose sanctions under this section shall terminate on the earlier of--

   Inserted: (1) the date that is 7 years after the date of the enactment of this Act; or

   Inserted: (2) the date on which the President submits to the appropriate congressional committees a certification that--

   Inserted: (A) the Government of Ukraine has reached a diplomatic agreement with the Government of the Russian Federation that is supported by the United States to provide for the cessation of hostilities in Ukraine; and

   Inserted: (B) it is in the national security interests of the United States to terminate the requirements to impose sanctions under this Act.

   Inserted: (h) Definitions.--In this section:

   Inserted: (1) Account; correspondent account; payable-through account.--The terms "account", "correspondent account", and "payable-through account" have the meanings given those terms in section 5318A of title 31, United States Code.

   Inserted: (2) Appropriate congressional committees.--The term "appropriate congressional committees" means--

   Inserted: (A) the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate; and

   Inserted: (B) the Committee on Financial Services and the Committee on Foreign Affairs of the House of Representatives.

   Inserted: (3) Foreign person.--The term "foreign person" means an individual or entity that is not a United States person.

   Inserted: (4) Knowingly.--The term "knowingly", with respect to conduct, a circumstance, or a result, means that a person had actual knowledge, or should have known, of the conduct, the circumstance, or the result.

   Inserted: (5) United states person.--The term "United States person" means--

   Inserted: (A) an individual who is a United States citizen or an alien lawfully admitted for permanent residence to the United States;

   Inserted: (B) an entity organized under the laws of the United States or any jurisdiction within the United States, including a foreign branch of such an entity; or

   Inserted: (C) any person in the United States.

   Original wording

   At the end of subtitle C of title XII, add the following:

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As printed