House Financial Services passes five bills to crack down on Russia and support Ukraine

The House Financial Services Committee introduced five bills to help Ukraine economically and punish Russia for its invasion of Ukraine.

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One of the bills is the Nowhere to Hide Oligarchs’ Assets Act (HR 7080), which would help the Financial Crimes Enforcement Network (FinCEN) and its law enforcement partners detect Russian oligarchs who participate money laundering techniques to hide their money, avoid scrutiny and escape our penalties. The bill, introduced by U.S. Rep. Maxine Waters, chair of the committee, passed 26-23.

Another is the Russia and Belarus Financial Sanctions Act (HR 7066), which would specify that foreign affiliates of US financial institutions must comply with US sanctions against Russia and Belarus. The legislation, introduced by U.S. Representative Brad Sherman (D-CA), passed by voice vote.

The third is Ukraine’s Comprehensive Debt Relief Act (HR 7081), which would require the Treasury to use its influence with the International Monetary Fund, the World Bank, other multilateral development banks and private creditors to press for suspension of all debt owed by Ukraine and for financial aid to Ukraine and neighboring countries hosting refugees. That bill, proposed by U.S. Representative Jesus “Chuy” Garcia (D-IL), passed by voice vote.

The committee also advanced the Russian Government Officials Isolation Act (HR 6891), which seeks to exclude Russian government officials from the G-20, the Financial Stability Board and other international standard-setting and regulatory bodies. economic cooperation. The bill, sponsored by U.S. Representative Ann Wagner (R-MO), passed by voice vote.

Finally, HR 6899, the Russia-Belarus SDR Trading Prohibition Act, aims to prevent Russia and Belarus from converting their holdings of special drawing rights into hard currency. The bill, sponsored by U.S. Representative French Hill (R-AR), passed by voice vote.

The five bills are now before the full House for consideration.

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