Imposition of sanctions with respect to financial institutions affiliated with the government of the russian federation

(a) In general Not later than 15 days after making a covered determination, and every 90 days thereafter, the Secretary of the Treasury shall— (1) impose the sanctions described in subsection (b) with respect to— (A) the Central Bank of the Russian Federation (Bank of Russia); (B) Sberbank; (C) VTB Bank; (D) Gazprombank; (E) any other financial institution organized under the laws of the Russian Federation and owned in whole or part by the Government of the Russian Federation; (F) any subsidiary of, or successor entity to, any of the financial institutions described in subparagraphs (A) through (E); and (G) any financial institution that engages in transactions with any of the financial institutions described in subparagraphs (A) through (F); (2) impose the sanctions described in section 5(c) with respect to any directors of, officers of, officials of, and shareholders with an interest in, a financial institution described in paragraph (1); and (3) prohibit any United States person from engaging in any transaction with a financial institution described in paragraph (1). (b) Sanctions described The sanctions described in this subsection to be imposed with respect to a financial institution described in subsection (a)(1) are the following: (1) Blocking of property (A) In general The President shall exercise all of the powers granted to the President under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) to the extent necessary to block and prohibit all transactions in property and interests in property of the financial institution if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (B) Inapplicability of national emergency requirement The requirements of section 202 of the International Emergency Economic Powers Act (50 U.S.C. 1701) shall not apply for purposes of this section. (2) Restrictions on correspondent and payable-through accounts The President shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States, of a correspondent account or payable-through account by the financial institution.