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H.R. 6423House115th Congress (2017-2019)In Committee

Punishing Continued Occupation of Ukraine Act

Sponsored by Steve CohenRep. Steve Cohen (D-TN)
Introduced July 18, 2018

AI-Generated Summary

Updated April 15, 2026 at 10:59 PM UTC

The Punishing Continued Occupation of Ukraine Act would require the President to check every 60 days, and then every six months for five years, whether Russia is following the Minsk peace agreements. If Russia is found out of compliance, the President must impose U.S. sanctions on at least three major Russian banks, one of which must be Vnesheconombank. The sanctions would block any U.S. transactions involving those banks’ property or interests.

Key Provisions

  • The President must assess Russia’s compliance with the Minsk Accords within 60 days of the law’s enactment and then every 180 days for five years.
  • If Russia is not complying, the President must sanction at least three Russian financial institutions that are closely tied to the Russian government, and one of them must be Vnesheconombank.
  • The law lists six possible banks that could be targeted: Sberbank, VTB Bank, Gazprombank, Bank of Moscow, Rosselkhozbank, and Promsvyazbank.
  • Sanctions use the powers of the International Emergency Economic Powers Act to block all U.S. transactions involving the targeted banks’ assets or interests.
  • Violations of the sanctions or related regulations can be punished under the same penalties provided by the International Emergency Economic Powers Act.
  • The President can lift sanctions on a bank if he notifies Congress and explains why.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Foreign Affairs.

Foreign Affairs Committee

July 18, 2018

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HouseIntro Referral

Introduced in House

July 18, 2018

HouseIntro Referral

Referred to the House Committee on Foreign Affairs.

Foreign Affairs Committee

July 18, 2018

Bill Text

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Introduced in HouseIssued July 18, 2018

I

115th CONGRESS

2d Session

H. R. 6423

IN THE HOUSE OF REPRESENTATIVES

July 18, 2018

Mr. Cohen introduced the following bill; which was referred to the Committee on Foreign Affairs

A BILL

To impose sanctions with respect to certain Russian financial institutions.

1.

Short title

This Act may be cited as the Punishing Continued Occupation of Ukraine Act.

2.

Imposition of sanctions with respect to certain Russian financial institutions

(a)

Findings

Congress finds the following:

(1)

On February 27, 2014, the Russian Federation unlawfully invaded Crimea and shortly thereafter intervened and occupied parts of Ukraine.

(2)

Russia continues to flout the Minsk Accords, signed on September 5, 2014, by directly and indirectly supporting separatist forces in Ukraine.

(3)

Sanctions to date have failed to alter Russian President Vladimir Putin’s calculation regarding Ukraine and the Crimea.

(4)

The Putin regime relies on several large financial institutions to implement its policies and keep the regime afloat.

(b)

In general

Not later than 60 days after the date of the enactment of this Act, and every 180 days thereafter for 5 years, the President shall determine whether the Russian Federation is in compliance with the Minsk Accords.

(c)

Imposition of sanctions

(1)

In general

If the President, pursuant to subsection (b), determines that Russia is not in compliance with the Minsk Accords, the President shall impose the sanctions described in subsection (d) with respect to not less than three Russian financial institutions that are substantially affiliated with the Putin regime, including from among those institutions described in subsection (e).

(2)

Requirement

One of the financial institutions to be sanctioned pursuant to this subsection shall include Vnesheconombank.

(d)

Sanctions described

The sanctions described in this subsection are 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 all property and interests in property of a financial institution determined by the President to be subject to subsection (b)(1) 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.

(e)

Russian financial institutions described

The financial institutions described in this subsection are the following:

(1)

Sberbank.

(2)

VTB Bank.

(3)

Gazprombank.

(4)

Bank of Moscow.

(5)

Rosselkhozbank.

(6)

Promsvyazbank.

(f)

Implementation; penalties

(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 subsection (c).

(2)

Penalties

A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (c) or any regulation, license, or order issued to carry out subsection (b) 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.

(g)

Termination

The President may terminate the application of sanctions under subsection (c) with respect to a Russian financial institution if the President submits to Congress a notice of and justification for the termination.

(h)

Definitions

In this section:

(1)

Person

The term person means an individual or entity.

(2)

United States person

The term United States person means—

(A)

a United States citizen or an alien lawfully admitted for permanent residence to the United States; or

(B)

an entity organized under the laws of the United States or of any jurisdiction within the United States, including a foreign branch of such an entity.