US House Finance Committee Passes 5 Bills to Sanction Russia, Support Ukraine
17:19 GMT 17.03.2022 (Updated: 20:37 GMT 19.10.2022)
© Sputnik / Vitaly Belousov
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WASHINGTON (Sputnik) - The US House Financial Services Committee on Thursday passed five pieces of legislation to sanction Russia and support Ukraine amid Moscow’s ongoing military operation in the country, including bills to try to remove Russia from international finance organizations and suspend Ukrainian debt service payments.
The committee first passed H.R. 7066, which makes US corporations enforce Russia and Belarus sanctions among foreign subsidiaries. The bill is intended to prevent US-based companies from getting around sanctions through foreign subsidiaries based in countries without sanctions on Moscow or Minsk.
The committee then passed H.R. 6891, a piece of legislation to try to exclude Russian government officials from participating in international organizations including the G20, Basel Committee for Banking Standards and Financial Stability Board.
Lawmakers extensively debated the subsequent piece of legislation, H.R. 7080, entitled the "Nowhere to Hide Oligarchs’ Assets Act," which would expand the US Financial Crimes Enforcement Network’s ability to track transactions potentially linked to illicit activities.
Republican lawmakers expressed concerns about further empowering the Financial Crimes Enforcement Network, citing possible privacy issues. The committee passed the legislation in a vote of 26 to 23 – the only bill not to be passed by voice vote.
The committee then passed H.R. 7081, which instructs American officials at international financial institutions to use the US vote and influence to advocate for the immediate suspension of all debt service payments owed by Ukraine.
Lastly, the committee passed H.R. 6899 to prohibit the US Treasury Secretary from engaging in transactions involving the exchange of International Monetary Fund (IMF) Special Drawing Rights held by Russia or Belarus.
Committee members cited Volodymyr Zelensky’s address to the US Congress as inspiration for much of the legislation put forward by the lawmakers. The legislation will now move forward for consideration by the full House of Representatives.
The committee then passed H.R. 6891, a piece of legislation to try to exclude Russian government officials from participating in international organizations including the G20, Basel Committee for Banking Standards and Financial Stability Board.
Lawmakers extensively debated the subsequent piece of legislation, H.R. 7080, entitled the "Nowhere to Hide Oligarchs’ Assets Act," which would expand the US Financial Crimes Enforcement Network’s ability to track transactions potentially linked to illicit activities.
Republican lawmakers expressed concerns about further empowering the Financial Crimes Enforcement Network, citing possible privacy issues. The committee passed the legislation in a vote of 26 to 23 – the only bill not to be passed by voice vote.
The committee then passed H.R. 7081, which instructs American officials at international financial institutions to use the US vote and influence to advocate for the immediate suspension of all debt service payments owed by Ukraine.
Lastly, the committee passed H.R. 6899 to prohibit the US Treasury Secretary from engaging in transactions involving the exchange of International Monetary Fund (IMF) Special Drawing Rights held by Russia or Belarus.
Committee members cited Volodymyr Zelensky’s address to the US Congress as inspiration for much of the legislation put forward by the lawmakers. The legislation will now move forward for consideration by the full House of Representatives.
