Sanctions with respect to the Russian Federation

(a) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe regulations to prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that knowingly provides significant financial services to— (1) any foreign person designated for the imposition of sanctions with respect to the Russian Federation under— (A) Executive Orders 13660, 13661, 13662, 13685, or 14024; or (B) title II of the Countering America’s Adversaries through Sanctions Act (Public Law 114–44) or an amendment made by that title; (2) a foreign financial institution subject to the prohibitions of Directive 2 under Executive Order 14024; (3) an entity listed in Annex 1 of Directive 3 under Executive Order 14024; or (4) any foreign person that the Secretary finds operates in the energy sector of the Russian Federation. (b) Implementation; penalties (1) Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.