# Plain Language Summary: No Energy Revenues for Russian Hostilities Act of 2023

This bill prevents American banks and financial institutions from doing business deals involving Russian energy sales—essentially cutting off a financial pipeline that would let money from Russian oil and gas flow into the U.S. financial system. Right now, the Treasury Department has some flexibility to allow certain transactions with Russia despite sanctions. This bill removes that flexibility and says "no more"—American financial institutions cannot process these Russian energy-related transactions, period.

The main reason for this is to make sure that money Russia earns from selling energy doesn't get funneled back into funding their military operations in Ukraine. By blocking these financial channels, the bill aims to reduce Russia's ability to pay for its war efforts. Think of it like cutting off someone's access to their bank account so they can't spend money on something harmful.

There is one important exception built into the bill: the Treasury Secretary can temporarily allow these transactions for up to 90 days at a time, but only if the money involved is being used to buy humanitarian goods like food, medicine, or agricultural products. So if a Russian entity owes money that could be used to feed people or provide medical care, the Treasury Secretary can make a special exception and let that transaction go through. However, they have to notify Congress when they do this.

The bill automatically expires after five years, or earlier if the President announces that Russia has stopped its military aggression against Ukraine. This gives the policy a built-in endpoint rather than making it permanent, though it could be extended if Congress chooses to do so.

No Energy Revenues for Russian Hostilities Act of 2023

Barr, Andy

No Energy Revenues for Russian Hostilities Act of 2023 This bill prohibits the Department of the Treasury from authorizing certain energy-related transactions involving Russia that would otherwise be blocked by an executive order. An <a href="https://www.federalregister.gov/documents/2021/04/19/2021-08098/blocking-property-with-respect-to-specified-harmful-foreign-activities-of-the-government-of-the">April 15, 2021, executive order</a> blocked certain transactions involving foreign persons (individuals or entities) related to Russia. These include transactions involving persons (1) operating in Russia's defense or technology sectors; (2) involved in Russian government attempts to interfere with the democratic processes of other countries; or (3) engaged in attempts to disrupt energy supplies to Europe, the Caucasus, or Asia. However, Treasury has issued licenses that authorized certain energy-related transactions that would otherwise be blocked by the executive order. The bill prohibits Treasury from authorizing (or continuing to authorize) certain transactions that it had authorized on December 15, 2022, under <a href="https://www.federalregister.gov/documents/2023/03/21/2023-05649/publication-of-russian-harmful-foreign-activities-sanctions-regulations-web-general-licenses-8e-58">General License No. 8E</a>. Treasury may waive this prohibition upon certifying to Congress that (1) the waiver applies only to transactions involving funds owed to a Russian person; and (2) the funds are to be used for the sale of agricultural commodities, food, medicine, or medical devices.