House Bill
Dwight Evans
Representative
Cosponsors
3
Policy Area
Summary
This bill requires U.S. financial institutions to ensure any entity or person they own or control complies with financial sanctions against Russia and Belarus to the same extent as the institution itself.
Latest Action
Placed on the Union Calendar, Calendar No. 255.
Plain-English explanation of this bill
This bill requires U.S. financial institutions to ensure any entity or person they own or control complies with financial sanctions against Russia and Belarus to the same extent as the institution itself.
Last updated: 12/29/2025
Congressional Research Service summary
<p><strong>Russia and Belarus Financial Sanctions Act of 2023</strong></p><p>This bill requires a U.S. financial institution to take all necessary and available actions to ensure any entity or person owned or controlled by such institution complies with financial sanctions applicable to Russia or Belarus to the same extent required of that institution. </p>
Main provisions of the bill
Potential effects on citizens and communities
If passed, this bill would impact U.S. banks, investment firms, and other financial institutions by requiring them to closely monitor and enforce sanctions compliance across their entire corporate structures, including subsidiaries and affiliates. This could lead to increased compliance costs and complexity for the financial sector.
Primary Policy Area
Related Subjects
Jurisdiction Level
federal
Congressional Session
119th Congress
Citation Reference
5512, 119th Congress (2025). "No Shari’a Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-5512