Prohibition on transfers of funds involving the Russian Federation

(a) In general Except as provided by subsection (b), not later than 15 days after a covered determination is made, a depository institution (as defined in section 19(b)(1)(A) of the Federal Reserve Act (12 U.S.C. 461(b)(1)(A))) or a broker or dealer in securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) may not process transfers of funds— (1) to or from the Russian Federation; or (2) for the direct or indirect benefit of officials of the Government of the Russian Federation. (b) Exception A depository institution, broker, or dealer described in subsection (a) may process a transfer described in that subsection if the transfer— (1) arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that is authorized by a specific or general license; and (2) does not involve debiting or crediting an account affiliated with the Russian Federation or held by a Russian person. (c) Russian person defined In this section, the term Russian person means— (1) a citizen or national of the Russian Federation; or (2) an entity organized under the laws of the Russian Federation or otherwise subject to the jurisdiction of the Government of the Russian Federation.