# § 8924. Sanctions on Russian and other foreign financial institutions
**(a)** **Facilitation of certain defense- and energy-related transactions** August 2, 2017section 8923(a)(2) of this titlesection 8923(b) of this titlesection 8923 of this title
The President shall impose, unless the President determines that it is not in the national interest of the United States to do so, the sanction described in subsection (c) with respect to a foreign financial institution that the President determines knowingly engages, on or after , in significant transactions involving activities described in subparagraph (A)(ii) or (B) of or paragraph (1) or (3) of for persons with respect to which sanctions are imposed under .
**(b)** **Facilitation of financial transactions on behalf of specially designated nationals** The President shall impose, unless the President determines that it is not in the national interest of the United States to do so, the sanction described in subsection (c) with respect to a foreign financial institution if the President determines that the foreign financial institution has, on or after the date that is 30 days after August 2, 2017, knowingly facilitated a significant financial transaction on behalf of any Russian person included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury, pursuant to—
**(1)** this chapter;
**(2)** Executive Order No. 13660 (79 Fed. Reg. 13,493), 13661 (79 Fed. Reg. 15,535), or 13662 (79 Fed. Reg. 16,169); or
**(3)** any other Executive order addressing the crisis in Ukraine.
**(c)** **Sanction described** The sanction described in this subsection is, with respect to a foreign financial institution, a prohibition on the opening, and a prohibition or the imposition of strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by the foreign financial institution.
**(d)** **National security waiver** The President may waive the application of sanctions under this section with respect to a foreign financial institution if the President—
**(1)** determines that the waiver is in the national security interest of the United States; and
**(2)** submits to the appropriate congressional committees a report on the determination and the reasons for the determination.
**(e)** **Notification to Congress on imposition of sanctions** The President shall notify the appropriate congressional committees in writing not later than 15 days after imposing sanctions with respect to a foreign financial institution under subsection (a) or (b).
**(f)** **Implementation; penalties**
**(1)** **Implementation** The President may exercise all authorities provided under sections 1702 and 1704 of title 50 to carry out the purposes of this section.
**(2)** **Penalties** section 1705 of title 50section 1705(a) of title 50
The penalties provided for in subsections (b) and (c) of shall apply to a person that violates, attempts to violate, or conspires to violate, or causes a violation of, subsection (a) or (b) of this section, or an order or regulation prescribed under either such subsection, to the same extent that such penalties apply to a person that commits an unlawful act described in .
**(g)** **Termination** section 8923(i) of this title
This section, and sanctions imposed under this section, shall terminate on the date on which the President submits to the appropriate congressional committees the certification described in .
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**Source Credit**: (Pub. L. 113–272, § 5, Dec. 18, 2014, 128 Stat. 2958; Pub. L. 115–44, title II, §§ 226, 229(b), Aug. 2, 2017, 131 Stat. 910, 915.)
### Termination of Section
For termination of section, see subsection (g) of this section.
## Editorial Notes
### References in Text
Executive Order No. 13660, referred to in subsec. (b)(2), is Ex. Ord. No. 13660, , 79 F.R. 13493, which is listed in a table under , War and National Defense.
Executive Order No. 13661, referred to in subsec. (b)(2), is Ex. Ord. No. 13661, , 79 F.R. 15535, which is listed in a table under , War and National Defense.
Executive Order No. 13662, referred to in subsec. (b)(2), is Ex. Ord. No. 13662, , 79 F.R. 16169, which is listed in a table under , War and National Defense.
### Amendments
2017—Subsec. (a). , substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose” and “on or after ” for “on or after ”.
Subsec. (b). , in introductory provisions, substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose” and “on or after the date that is 30 days after ” for “on or after the date that is 180 days after ”.
Subsecs. (e), (f). , (2), added subsec. (e) and redesignated former subsec. (e) as (f). Former subsec. (f) redesignated (g).
Subsec. (g). , (3), redesignated subsec. (f) as (g) and substituted “section 8923(i)” for “section 8923(h)”.