Requires the Treasury Secretary to bar or tightly restrict U.S. correspondent and payable-through accounts of foreign banks that knowingly serve sanctioned Russian persons or Russian energy-sector operators, and to seize or transfer certain Russian central bank and government assets held by U.S. financial institutions.

• Directs Treasury, within 180 days of enactment, to prohibit or strictly condition correspondent and payable-through accounts of foreign financial institutions that knowingly provide significant financial services to designated Russian persons or to persons Treasury finds operate in Russia's energy sector.
• Sets civil penalties of the greater of $377,700 or twice the transaction amount, and criminal penalties for willful violations of up to $1,000,000 in fines and up to 20 years in prison for individuals.
• Requires Treasury, within 90 days, to seize or transfer covered Russian central bank, National Wealth Fund, and Finance Ministry assets held by U.S. financial institutions and deposit the funds into the Ukraine Support Fund, with presidential waivers of up to 180 days at a time, capped at one year cumulative.
• Requires a 90-day report on whether Gazprom, Rosneft, and Lukoil qualify as energy-sector persons, and ends the Act 30 days after the President reports that Russia has ceased destabilizing activities in Ukraine or five years after enactment, whichever is earlier.

• Financial Services Committee (House)

International Affairs