Prohibition on transfers of funds involving the Russian Federation

(a) In general Except as provided by subsection (b), effective on the date that is 30 days after the date of the enactment of this Act, 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 Government of the Russian Federation, including any entity owned by the Government of 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 arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction that is authorized by a specific or general license.