Deter PRC Support to the Russian War Effort Act

Schiff, Adam B.

Deter PRC Support to the Russian War Effort Act This bill authorizes the President to impose certain sanctions on Chinese persons supporting Russia's military action in Ukraine. For the purposes of this bill, Chinese persons are citizens and nationals of China, entities organized under the laws of China or any jurisdiction within China, China's government, the Chinese Communist Party, and Chinese state-owned enterprises. The President may impose one or more sanctions on any Chinese person that has knowingly (1) provided Russia with certain types of support that contribute to Russia's military actions in Ukraine, or (2) assisted Russia in evading U.S. or multilateral sanctions. The sanctions authorized by this bill include <ul> <li>directing the U.S. Export-Import Bank not to provide that person with guarantees, insurance, or credit; </li> <li>prohibiting U.S. financial institutions from extending credit to that person (except for activities to relieve human suffering); </li> <li>prohibiting transfers of credit or payments between financial institutions if such transfers or payments are subject to the jurisdiction of the United States and involve the sanctioned person's interests; and</li> <li>prohibiting U.S. persons (individuals or entities) from investing in or purchasing significant amounts of equity or debt instruments of sanctioned persons.</li> </ul> The provisions of this bill expire on the earlier of (1) the date on which the President determines the conflict in Ukraine has ended, or (2) two years after the date of the bill's enactment.